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. Full Story
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