Thailand to Form Task Force to Prevent Financial Transactions for Myanmar Arms
Thailand will form a task force to prevent financial transactions facilitating arms purchases in Myanmar. The initiative follows a UN report highlighting a significant increase in funds transferred via Thai banks for weapons. Myanmar is in a civil war following a 2021 military coup.
Thailand has announced the formation of a task force to improve the due diligence capabilities of its financial institutions with the goal of preventing transactions that could facilitate arms purchases and human rights abuses in Myanmar.
According to the Foreign Ministry, this decision followed a meeting involving commercial banks and state agencies to investigate such transactions.
The Bank of Thailand and the Anti-Money Laundering Office will spearhead this initiative.
Earlier reports by a UN expert highlighted a significant increase in funds moved via Thai banks for weapons used by Myanmar's military junta.
In 2023, these transactions amounted to one hundred twenty million dollars, doubling from the previous year.
Myanmar is currently in a civil war following a 2021 military coup.
According to the Foreign Ministry, this decision followed a meeting involving commercial banks and state agencies to investigate such transactions.
The Bank of Thailand and the Anti-Money Laundering Office will spearhead this initiative.
Earlier reports by a UN expert highlighted a significant increase in funds moved via Thai banks for weapons used by Myanmar's military junta.
In 2023, these transactions amounted to one hundred twenty million dollars, doubling from the previous year.
Myanmar is currently in a civil war following a 2021 military coup.
