The European Union is set to include Myanmar to a blacklist of 22 countries failing to enforce curbs against money laundering and other financial crimes, according to a Reuters news report.
Banks and other financial and tax firms will be obliged to scrutinise more closely their clients who have dealings with these countries. Companies in listed states are also banned from receiving new EU funding.
But the higher scrutiny will only apply from October, the document says, due to disruptions caused by the current coronavirus pandemic.