A recent United Nations-backed report has shed light on the crucial role played by international banks in supporting the Myanmar military junta's violent crackdown on its people. According to the report, Thai banks have emerged as the primary channel through which the military regime is procuring weapons and military supplies, including parts for helicopter gunships, to fuel its ongoing civil war.
Since seizing power in a coup in February 2021, the military junta has been engaged in a brutal conflict with ethnic armed groups and resistance forces across Myanmar. The escalating violence has resulted in the loss of thousands of civilian lives and the displacement of over 3 million people.
The report, titled 'Banking on the Death Trade: How Banks and Governments Enable the Military Junta in Myanmar,' revealed that 16 banks in seven countries have facilitated transactions linked to the junta's procurement activities over the past year. The military regime has reportedly spent $253 million on weapons, dual-use technologies, manufacturing equipment, and raw materials sourced from abroad between April 2023 and March 2024.
Despite facing widespread condemnation and sanctions from Western nations, the junta continues to rely on foreign financial institutions to fund its human rights violations, including aerial attacks on civilians. While the volume of weapons purchased through foreign banks has decreased, the regime is finding ways to circumvent sanctions and exploit gaps in the international regulatory framework.
UN Special Rapporteur for Human Rights in Myanmar, Tom Andrews, highlighted the concerning trend of the junta's increasing isolation coupled with its ability to evade sanctions through strategic financial maneuvers. The report underscores the urgent need for coordinated international action to hold the military regime accountable and prevent further atrocities against the people of Myanmar.
