Thailand Forms Task Force to Clamp Down on Financial Transactions Fueling Myanmar's Civil War

Thailand is establishing a task force to enhance due diligence in financial institutions to prevent banks from facilitating arms purchases and human rights abuses in Myanmar. The move follows a U.N. report highlighting increased funds moved via Thai banks for weapons used by Myanmar's junta against civilians.

Thailand is creating a task force to bolster the due diligence capabilities of its financial institutions, aiming to curb transactions that could lead to arms purchases and human rights violations in Myanmar, announced the foreign ministry.

This decision follows a surge in funds moved through Thai banks for weapons used by Myanmar’s military junta, according to a U.N. report. The meeting revealed progress in investigating transactions linked to such purchases and discussed measures for enhancing the capabilities of Thai banks.

Earlier this month, bank representatives admitted to a parliamentary committee that while they followed regulations, they lacked the capacity to scrutinize all potentially problematic transactions. The task force will include the Bank of Thailand and the Anti-Money Laundering Office. Last year's U.N. report highlighted $120 million in transactions for arms, double from the previous year, undermining global efforts to isolate Myanmar's military regime.