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11mo ago

Thai Banks and Firms Crucial in Arming Myanmar Junta, UN Report Finds

UN report highlights Thailand's growing role in facilitating military purchases for Myanmar's regime, despite international sanctions.

Myanmar's junta chief military Min Aung Hlaing arrives to deliver a speech during a ceremony to mark the country's Armed Forces Day in Naypyidaw on March 27, 2024. Myanmar's junta chief on March 27, 2024 blamed the country's growing armed resistance movement for preventing long-promised elections in a speech to thousands of soldiers following an Armed Forces Day parade. (Photo by AFP)
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Overview

  • Thai banks and companies have doubled their military transactions with Myanmar to $120 million in the past year.
  • International sanctions have reduced Myanmar's arms purchases through the global financial system by a third, but gaps remain.
  • Singapore's crackdown on its banks' dealings with Myanmar led to a 90% drop in military purchases from the city-state.
  • Sixteen banks across seven countries have processed $630 million in military-related transactions for Myanmar since the 2021 coup.
  • UN urges more coordinated international sanctions to close loopholes and reduce the junta's access to arms and financial services.