Thailand to set up task force to prevent transactions for Myanmar armsA protester holds a flag as he shouts slogans during a demonstration to mark the third anniversary of Myanmar’s 2021 military coup, outside of the United Nations office in Bangkok on Feb 1, 2024. (Photo: Reuters)Thailand will form a task force to enhance the due diligence capabilities of its financial institutions in order to prevent transactions by banks that could lead to arms purchases and human rights abuses in Myanmar, the Foreign Ministry said. The meeting discussed progress made in investigating transactions that may be linked to the purchase of weapons, military supplies and the Myanmar government, the ministry said in a statement late on Wednesday. The Bank of Thailand and the Anti-Money Laundering Office will establish a task force to investigate the transactions and review measures to "further equip and enhance the ability of Thai financial institutions," the statement said. Earlier this month, bank representatives told a parliamentary committee that they had followed regulations but lacked capacity to investigate all transactions that could be used for arms purchases.

Source: Bangkok Post July 25, 2024 13:49 UTC