OVERVIEW
On 11 March 2026, the National Defense and Security Council of the Republic of the Union of Myanmar enacted the Anti-Money Laundering Law 2026 (Law No. 16/2026) (the “AML Law“), repealing the prior Anti-Money Laundering Law (Pyidaungsu Hluttaw Law No. 11/2014). AML Law introduces strengthened obligations for all reporting organizations including banks, financial institutions, and Designated Non-Financial Businesses and Professions (“DNFBPs“) and carries significant criminal and administrative penalties for non-compliance. This client alert summarizes the key provisions that reporting organizations should be aware of and act upon.
WHO IS COVERED?
Reporting organizations include banks and financial institutions, DNFBPs, and any individual, company, or organization designated by the Central Body by notification. DNFBPs comprise the following categories:
- casinos;
- real estate agents;
- dealers in precious metals and gemstones;
- lawyers, notaries public, independent legal professionals, and accountants who carry out or prepare to carry out activities involving the transfer, acceptance, or entrustment of funds or property for or on behalf of clients;
- persons providing trust or company services, such as acting as agents for company formation, acting as directors or secretaries of companies, or providing registered office or business address services;
- persons acting as trustees or performing equivalent functions for legal arrangements; and
- persons acting as nominee shareholders or arranging for others to do so.
For further information, please visit DFDL.
