Thailand said there is no proof of any bank transactions involving Myanmar’s weaponry

Thailand’s central bank and anti-money laundering agency said Monday that they have not discovered any proof to back up a U.N. expert’s claim that some of the nation’s banks were used to finance the purchase of weapons by Myanmar’s junta.

Companies registered in Thailand used Thai banks to transfer $120 million in 2023 fiscal year funds for Myanmar’s weapons and related military materials, up from $60 million the previous year, according to a June report from the Office of the United Nations High Commissioner for Human Rights (OHCHR).

After Thai banks claimed they were unable to look into every transaction that might be used to buy weapons for Myanmar’s military, the government formed a task force in July to examine previous transactions and due diligence capabilities.

The Bank of Thailand and the Anti-Money Laundering Office jointly released a statement saying, “The investigation found that some financial institutions did conduct transactions with individuals listed in the OHCHR report, but no evidence was found linking these transactions to arms procurement.”

The review’s findings that Thai financial institutions had “varying levels of rigor in their operations” underscored the need to strengthen specific counterterrorism and anti-money laundering procedures, according to the joint statement.

“This would enable financial institutions to better manage the risks of being used as channels for funding illegal activities and human rights violations, which may manifest in new forms,” the authorities stated.