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Last Updated: Monday, 3 November, 2003, 15:35 GMT
'Dirty money' force raps Burma
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Burma has failed to clean up its act, the FATF says
An international task force has demanded that sanctions be imposed against Burma, saying it has failed to cooperate in the war on money laundering.

The Financial Action Task Force (FATF) called for measures that would press the country's financial institutions to identify their clients.

Banks would also have to report any suspicions of illegal activity.

The demand came as an FATF deadline for Burma to clean up its act and develop new laws to prevent money laundering passed.

The FATF said: "Burma has failed to establish a framework to engage in effective international cooperation in the fight against money laundering.

'Uncooperative'

"Its anti-money laundering law continues to lack the implementing regulations necessary to make it enforceable."

Burma was first identified as "uncooperative" by the Paris-based group in June 2001.

Last month, the FATF said the situation had worsened and gave it until 3 November to tighten up its laundering laws.

After seeing no improvement the FATF has now called for its 31 members states to act against the regime.

The FATF was set up in 1989 by the Organisation for Economic Cooperation and Development to fight dirty money and, since the 11 September attacks, has worked to halt the flow of money to terrorist groups.

As well as Burma, the FATF's 'uncooperative' list also includes Egypt, Ukraine, Guatemala, Indonesia, Nauru, Nigeria, the Cook Islands and the Philippines.


SEE ALSO:
UN envoy on Burma mission
01 Nov 03  |  Asia-Pacific
US rejects Burma progress report
09 Oct 03  |  Asia-Pacific
Asean deals with Asian giants
08 Oct 03  |  Asia-Pacific
US sanctions 'hit Burma hard'
03 Oct 03  |  Asia-Pacific
Bangladesh dirty money law 'fails'
03 Oct 03  |  Business
10m laundering racket uncovered
09 Jun 03  |  England


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