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29-06-2024, 01:52 PM
Myanmar military favouring Thai banks over S'pore banks@arms transactions: UN report
SINGAPORE – Myanmar’s junta is increasingly using banks in Thailand instead of Singapore for its purchases of military supplies, including arms used against groups opposing its 2021 power grab, according to a United Nations report.
The report, released by UN special rapporteur Tom Andrews on June 26, said banks located in Singapore were previously “the most important financial facilitators for Myanmar’s military procurement”, processing more thanUS$260 million (S$353 million) of arms payments between April 2022 and March 2023 (financial year 2022), which amounted to more than 70 per cent of the junta’s arms payments.
But the amount fell sharply to just over US$40 million between April 2023 and March 2024 (financial year 2023).
Banks in Thailand: Facilitating over US$60 mil worth of military procurement in financial year 2022 to processing more than double US$120 mil – in financial year 2023. However, report noted tha financial institutions might not be helping facilitate military purchases wilfully.
https://www.straitstimes.com/asia/se-asi...s-un-report
SINGAPORE – Myanmar’s junta is increasingly using banks in Thailand instead of Singapore for its purchases of military supplies, including arms used against groups opposing its 2021 power grab, according to a United Nations report.
The report, released by UN special rapporteur Tom Andrews on June 26, said banks located in Singapore were previously “the most important financial facilitators for Myanmar’s military procurement”, processing more thanUS$260 million (S$353 million) of arms payments between April 2022 and March 2023 (financial year 2022), which amounted to more than 70 per cent of the junta’s arms payments.
But the amount fell sharply to just over US$40 million between April 2023 and March 2024 (financial year 2023).
Banks in Thailand: Facilitating over US$60 mil worth of military procurement in financial year 2022 to processing more than double US$120 mil – in financial year 2023. However, report noted tha financial institutions might not be helping facilitate military purchases wilfully.
https://www.straitstimes.com/asia/se-asi...s-un-report
