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Myanmar Crisis

Myanmar citizens would bear brunt of potential FATF blacklisting

Move would squeeze foreign aid; experts warn of 'detrimental consequences'

Myanmar migrant workers in Thailand demonstrate against the military regime in May. If blacklisted by the FATF, Myanmar citizens around the world would have more difficulty accessing financial services.   © Reuters

YANGON/TAIPEI -- Moves to put Myanmar alongside North Korea and Iran on an international anti-money laundering blacklist would have a damaging impact on foreign aid and the broader economy, which in turn would affect the lives of ordinary Burmese, experts and corporate executives warn.

A blacklisting by the intergovernmental anti-money laundering watchdog Financial Action Task Force would likely put Myanmar outside the risk appetite of many banks, further cutting off access to the formal international financial system, said Justyna Gudzowska, director of Illicit Finance Policy at The Sentry, an investigative and policy organization that follows dirty money.

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