The Wall Street Journal reports that the Financial Action Task Force has added Myanmar to its list of countries where businesses and financial institutions are at high risk of exposure to money laundering and terrorist financing.

According to the report, the Paris-based global financial watchdog consisting of 39 member states said Friday that Myanmar failed to address a large number of deficiencies in its anti-money-laundering and terrorist financing systems and, as a result, was added to its blacklist.

The Journal said the designation could potentially accelerate the country’s economic isolation that was triggered by last year's military coup.

The list consists of just two other nations, Iran and North Korea.

While the designation doesn’t automatically trigger sanctions, member countries are urged to step up due diligence measures that can make it harder for businesses and banks to work in these countries. 

Myanmar was placed on the list before but was removed in 2016 after a quasi-democratic government took charge and implemented financial changes. 

Almost two dozen foreign firms have withdrawn from the country since the coup, including U.S. energy giant Chevron and Japanese beverage-maker Kirin Holdings, according to the Wall Street Journal.