In 2001, Burma was designated Non-Cooperative Country or Territory (NCCT) by the Financial Action Task Force (FATF), indicating major deficiencies in a country?s anti-money laundering regime, and cautioning financial institutions to pay special attention to their business relations and transactions. In November 2004, the FATF removed extra measures against the regime as a result of ‘improvements? in the SPDC?s money laundering standards. This action overlooked flaws in the SPDC?s anti-money laundering mechanisms, as well as failings in newly enacted laws. Despite the regime?s recent showcase closing of two banks, the SPDC has not taken significant action against money laundering. Closing the banks was merely an attempt to convince the international community that the SPDC is ?tough on money laundering” in the lead up to the next meeting of the FATF in June... The SPDC?s approach to money laundering remains sub-par and a threat to regional economies and global efforts to combat money laundering. "The Financial Action Task Force (FATF) must renew Burma?s placement on the Non- Cooperative Country or Territory (NCCT) list. Despite the regime?s recent showcase closing of two banks, the SPDC has not taken significant action against money laundering..."