Thailand Clears Its Banks: No Link to Myanmar Arms Deal

Thailand's central bank and anti-money laundering agency refuted claims from a UN report alleging Thai banks aided Myanmar's junta in arms procurement. A task force review found no evidence to support the allegations, though improvements in financial due diligence were noted as necessary.

In recent developments, Thailand's central bank and anti-money laundering agency have refuted allegations that the nation's banks were instrumental in aiding Myanmar's junta to acquire weapons. This response comes in light of a report from a U.N. expert alleging otherwise.

The United Nations High Commissioner for Human Rights had reported in June that companies in Thailand funneled significant funds through Thai banks to support Myanmar's military, with a notable increase in transactions from the previous fiscal year. However, a review initiated by the Thai government reveals no direct link between these transactions and arms procurement.

The appraisal exposed inconsistencies in Thai financial institutions' anti-money laundering and counter-terrorism measures, urging the need for enhanced regulatory protocols to prevent misuse of financial channels in funding illicit and human rights-violating activities.

(With inputs from agencies.)