Bangkok Debunks UN Report of Thai Banks Helping Myanmar Buy Weapons

Thai authorities have rejected claims by the United Nations that financial institutions in the country facilitated the Myanmar junta's purchase of military supplies in 2023.

The Bank of Thailand (BoT) and the Anti-Money Laundering Office (Amlo) issued a joint statement following an investigation prompted by a June 2024 report from the Office of the United Nations High Commissioner for Human Rights (OHCHR). The report, titled Banking on the Death Trade: How Banks and Governments Enable the Military Junta in Myanmar, alleged that Thai banks played a role in enabling the junta’s arms procurement.

The investigation found that while some financial institutions had conducted transactions with individuals named in the UN report, there was no evidence to suggest these transactions were related to military purchases.

The UN report claimed that Thailand had become the State Administration Council’s (SAC) leading source for military supplies purchased through the global banking system. It cited a doubling of arms-related transactions from companies registered in Thailand, amounting to over $120 million in the 2023 fiscal year.

BoT and Amlo acknowledged areas for improvement in financial oversight. They highlighted inconsistencies in the operational rigour of financial institutions and stressed the need to strengthen counter-terrorism financing and anti-money laundering measures.

The UN report noted it found no evidence implicating the Thai government in these activities. However, the findings have prompted Thai authorities to review and enhance regulatory practices to prevent misuse of the financial system.