Myanmar strongly opposes UN report on military's access to money and weapons

Myanmar's central bank has strongly denied a United Nations report that the country's military government still has access to money and weapons for its war against anti-coup forces and said financial institutions under the bank's supervision were following prescribed procedures.

The bank said in a statement that the U.N. report harmed the interests of civilians and relations between Myanmar and other countries, Reuters reported.

According to the report by Myanmar human rights rapporteur Tom Andrews, despite international efforts to isolate the junta, Myanmar imported $253 million worth of arms, dual-use technology, manufacturing equipment and other materials in the 12 months to March. The report also notes that international banks, including those in neighboring Thailand, helped Myanmar make these purchases.

Myanmar’s military is currently facing its most significant challenge since the 2021 coup against the government led by Nobel laureate Aung San Suu Kyi. The country is embroiled in multiple low-intensity conflicts and struggling to stabilize a crumbling economy. Western countries have imposed various financial sanctions on Myanmar’s military, banks and associated companies.

The central bank claimed that local and international banks engaged in transactions with Myanmar had undergone comprehensive due diligence measures for all their business relationships and transactions. He said: “The financial transactions only concern the importation of essential goods and necessities for Myanmar civilians, such as medicines and medical supplies, agricultural and livestock supplies, fertilizers, edible oil and fuels. »

The UN report highlights that Singapore's exports to Myanmar have fallen significantly, from more than $110 million in 2022 to just over $10 million. However, Thai companies have partially filled this gap, transferring $120 million worth of weapons and equipment in 2023, double the amount from the previous year. In response, Thailand's Foreign Ministry said the country's banking and financial institutions were following similar protocols to other major financial centers and that the government would investigate the UN rapporteur's report.