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Thai banks do not support arms procurement by Myanmar’s junta – TBA

Thai banks do not support arms procurement by Myanmar’s junta – TBA

18 Sept 13:06 Key points summarised by AI
  • The Thai Bankers Association (TBA) firmly stated its members operate with full accountability and human rights principles, explicitly denying support for arms procurement by Myanmar's military junta.
  • This statement directly addresses a UN Special Rapporteur's report accusing Thai banks of facilitating $120 million in arms financing for the Myanmar military over the past year.
  • TBA emphasized that member banks enforce robust compliance units and blacklists, prohibiting transactions with high-risk entities involved in arms procurement that violate human rights.
  • The UN report, however, detailed a surge in military supplies from Thailand, increasing from $60 million to $120 million, contrasting with declines from other nations, and specifically cited Siam Commercial Bank's role in increased transactions.
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Economy 1/1
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