Rights expert urges banks to stop financing Myanmar junta weapons trade

2024-06-26
Rights expert urges banks to stop financing Myanmar junta weapons trade

Myanmar's Descent into Darkness: The Junta's Deadly Grip and the Global Response

Since the February 2021 coup in Myanmar, the country has descended into a harrowing humanitarian crisis. Over 5,000 civilians have been killed, and at least three million have been displaced. More than 20,000 political prisoners remain incarcerated, and military airstrikes against civilian targets have increased five-fold in the last six months, even as the junta loses military outposts, territory, and troops to resistance forces.

Uncovering the Junta's Financial Lifeline: A Call for Accountability

Potential Enablers: The Role of Global Banks

A recent report by Tom Andrews, the UN Special Rapporteur on Myanmar, has shed light on the financial institutions that have facilitated the junta's military procurement over the past two years. The report identified 16 banks in seven countries that processed transactions linked to the junta's military procurement, and 25 banks that provided correspondent banking services to Myanmar's state-owned banks under junta control.Andrews emphasized the critical importance of financial institutions taking their human rights obligations seriously and refraining from facilitating the junta's deadly transactions. He highlighted that banks involved with Myanmar's state-owned banks are at high risk of enabling military attacks on civilians and are obligated to avoid facilitating crimes, including war crimes and crimes against humanity.

Shifting Patterns: The Changing Role of ASEAN Countries

The report, titled "Banking on the Death Trade: How Banks and Governments Enable the Military Junta in Myanmar," examined a dramatic shift in the role of two Association of Southeast Asian Nations (ASEAN) countries as sources of weapons and military supplies for the junta.Following last year's identification of Singapore as a significant source, the Singaporean government investigated the entities involved, resulting in a 90% drop in weapons flowing to Myanmar from Singapore-registered companies. Conversely, military procurement through Thailand has moved in the opposite direction, with the junta importing nearly 0 million in weapons and military supplies from Thailand-registered suppliers in the year ending March 2024 – more than double the total from the previous year. Thai banks, such as Siam Commercial Bank, have played a crucial role in facilitating this shift, with a sharp increase in transactions related to the Myanmar military.

The Path Forward: Leveraging Political Will

The report highlighted that Singapore's example demonstrates that a government with sufficient political will can make a significant difference in shutting down the Myanmar death trade. Andrews urged Thailand to follow this powerful example by taking action that will deal a huge blow to the junta's capacity to sustain its escalating attacks on civilian targets.The report's findings underscore the critical role that financial institutions and governments play in enabling or hindering the junta's ability to perpetuate its violent crackdown on the people of Myanmar. As the international community grapples with this crisis, the call for accountability and decisive action has never been more urgent.

Humanitarian Crisis Deepens: The Looting of UN Food Supplies

Amidst the ongoing conflict, a warehouse of the UN emergency food relief agency was looted and set on fire in Maungdaw, northern Rakhine province last Saturday. The warehouse held 1,175 metric tons of life-saving food and supplies, enough emergency food to sustain 64,000 people for one month. However, due to increased conflict in the region, the agency's staff have not been able to access the warehouse since late May.The UN World Food Programme (WFP) strongly condemned the incident, stressing that the seizure of humanitarian goods and destruction of facilities undermined its food support program to conflict-affected populations in Myanmar. The agency called on all parties to the conflict to uphold their obligations under international humanitarian law to respect and protect aid facilities and assets, and ensure humanitarians have unfettered access.As the crisis in Myanmar deepens, the international community must act swiftly to hold the junta accountable, cut off its financial lifelines, and ensure the unimpeded delivery of humanitarian aid to the people who desperately need it. The future of Myanmar and its people hangs in the balance, and the world cannot afford to turn a blind eye to this unfolding tragedy.

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