Myanmar’s Central Bank Denies UN Report on Military Access to $253 Million in Weapons

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Myanmar’s Central Bank Denies UN Report: Strong Rebuttal on Military Funding Allegations

Myanmar’s central bank has strongly denied a recent UN report that alleges the military can access money and weapons for its war against anti-coup forces. The central bank argues that this report harms the interests of Myanmar civilians and damages relationships with other countries.

Central Bank’s Rebuttal of UN Allegations

The central bank insists that all financial transactions involving Myanmar have undergone comprehensive due diligence measures. They claim that the allegations in the UN report are unfounded and misrepresent the current state of financial oversight in the country.

Details of the UN Report

The controversial UN report states that, despite international efforts to isolate Myanmar’s military junta, the country imported $253 million worth of weapons, dual-use technologies, manufacturing equipment, and other materials in the 12 months leading up to March. This import activity reportedly continued unabated, raising concerns about the effectiveness of global sanctions.

Impact on International Trade and Relations

The Myanmar’s central bank emphasized that the report could harm Myanmar’s international relationships and negatively affect the country’s civilians. They argue that the report’s findings do not accurately reflect the stringent measures in place to prevent such transactions.

Regional Trade Dynamics

The UN report also highlights a significant drop in exports from Singapore to Myanmar, plummeting from over $110 million in 2022 to just over $10 million. This decline illustrates the impact of international sanctions and the efforts to limit the junta’s access to foreign resources.

Thailand’s Response to the UN Report

In response to the UN rapporteur’s findings, Thailand’s foreign ministry stated that the country’s banking and financial institutions adhere to strict protocols. They have committed to investigating the allegations to ensure compliance with international standards.

Myanmar’s central bank’s denial of the UN report on military access to money and weapons highlights the ongoing tension between the nation’s financial authorities and international organizations. While the central bank asserts the effectiveness of its due diligence measures, the UN report raises critical concerns about the flow of arms and resources into the country. The situation underscores the complexities of enforcing international sanctions and the challenges faced in ensuring compliance across different jurisdictions.

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