A recent United Nations-backed report has shed light on the significant role international banks are playing in supporting the Myanmar military junta's brutal campaign against its own people. The report reveals that Thai banks have emerged as the primary source through which the military regime is procuring weapons and military supplies, including parts for helicopter gunships, to sustain its ongoing civil war.
Since seizing power in a coup in February 2021, the military junta has been engaged in a violent conflict with ethnic armed groups and resistance forces, resulting in widespread devastation and the loss of thousands of civilian lives. The regime's escalating attacks on civilians and infrastructure have led to the displacement of over 3 million people, exacerbating an already dire economic crisis in the country.
The report, titled 'Banking on the Death Trade: How Banks and Governments Enable the Military Junta in Myanmar,' highlights that 16 banks across seven countries have facilitated transactions linked to the junta's procurement activities, amounting to $253 million in weapons and military materials between April 2023 and March 2024.
While Western nations have imposed sanctions on military leaders and entities associated with the junta, the regime continues to exploit financial institutions abroad to fund its human rights violations. The report underscores the need for greater coordination among Member States to enforce sanctions effectively and prevent the junta from circumventing measures aimed at isolating it.
Notably, Singapore-based entities, which were previously significant sources of weapons for the junta, have seen a drastic reduction in their involvement following government scrutiny. In contrast, Thai banks have witnessed a surge in facilitating transactions for the military regime, with exports of weapons and related materials doubling between 2022 and 2023.
The report emphasizes the critical role of financial institutions in upholding human rights obligations and calls for targeted sanctions on networks supplying jet fuel to the junta and the military's key financial institution, Myanma Economic Bank, to disrupt the regime's deadly operations and potentially save countless lives in Myanmar.
As the international community grapples with the implications of these findings, it remains imperative for financial institutions to act responsibly and refrain from enabling the junta's atrocities through their services.
