Thailand says no evidence of bank deals linked to Myanmar arms

The country’s government claimed they found no proof to back up UN statements that some banks there assisted Myanmar’s dictatorship in purchasing defense equipment in 2023.

Following a report released by the Office of the United Nations High Commissioner for Human Rights in June 2024, the Bank of Thailand ( BoT ) and the Anti-Money Laundering Office ( Amlo ) announced in a joint statement that they had begun immediate investigations and had mandated financial institutions review some transactions. &nbsp,

” The research found that some financial institutions did business with people as listed in the OHCHR record, but there is no conclusive evidence linking these business practices to wings procurement,” the statement continued. &nbsp,

The UN report, titled” Banking on the Death Trade: How Banks and Governments Help the Martial Junta in&nbsp, Myanmar”, noted a five-fold boost in the&nbsp, Myanmar&nbsp, military regime’s strikes on civilian goals as it was losing troops, place and troops to opposition forces. &nbsp,

According to the report, the State Administration Council, or the dictatorship, relies on money and weapons as its main sources of income.

” Thailand&nbsp, became the SAC’s leading cause of military items purchased through the global banking system”, the document claimed. ” The transfer of weapons and related materials from companies registered in&nbsp, Thailand&nbsp, doubled from over$ 60m in FY2022 to over$ 120m in FY2023″.

There are places in which progress is required, according to the BoT and Amlo statement. &nbsp,

” It was noted that each of the financial institutions had varying degrees of rigour in their functions”, and that there’s a need to “elevate” specific counter-terrorism and anti-money fraud practices, the BoT and Amlo statement said.

The UN report said it “found no evidence that the government of&nbsp, Thailand&nbsp, was involved in, nor aware of, these transfers”.