Myanmar military favouring Thai banks over Singapore banks for arms transactions: UN report

Myanmar's Chief Senior General Min Aung Hlaing stands in a vehicle as he attends a ceremony to mark the country's 78th Armed Forces Day.

However, the report noted that the financial institutions might not be helping facilitate military purchases wilfully. The drastic decrease in the purchase of weapons and related equipment processed in Singapore came after a government investigation prompted by an earlier report Mr Andrews had released in May 2023. That report alleged that Singapore-based companies were a source of substantial amounts of supplies for the junta, while banks here were helping facilitate a significant amount of their procurement.

The report also noted that military procurements facilitated by financial institutions in Malaysia, Russia and South Korea had also decreased in FY2023, compared to FY2022.On top of the sharp drop in the amount of arms that the Myanmar military purchased through transactions facilitated by Singapore-based financial institutions, the report also noted that there was a steep decline in the amount of arms and weapons materials exported to the junta from Singapore registered entities.

Among the entities the United States has sanctioned include the Myanma Foreign Trade Bank , a state-owned bank that the report says “served as the primary bank facilitating foreign transactions involving Myanmar state-owned entities”. In response, the junta has increasingly used Myanma Economic Bank , another state-owned bank that is, however, unsanctioned, to carry out key functions, according to the report.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Arms exports from Singapore-based entities to Myanmar junta ‘dropped dramatically’ in past year: UN envoyIn the wake of a Singapore government investigation, exports dropped from more than US$110 million to just over US$10 million.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

How To Make Millions Before Grandma Dies tops Singapore box officeThe Thai family saga made $1.77 million in Singapore after 11 days of release.
Source: STForeignDesk - 🏆 4. / 71 Read more »

Food hunt at Singapore theme parks: Science Centre SingaporeYou know what to expect at our local theme parks, but what about the food? Our team of taste explorers take you on a wild ride through Singapore’s awesome theme parks and their culinary offerings. We're on a mission to uncover the unique flavours that make each theme park a gastronomic adventure too. Today, we explore Science Centre Singapore! Do..
Source: asiaonecom - 🏆 10. / 59 Read more »

Singapore core inflation remains at 3.1% for third consecutive monthSINGAPORE: Singapore’s core inflation stayed at 3.1 per cent in May, unchanged from April and
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

S’pore Chinese culture unique because it is established on foundations of multiculturalism: SM LeeIn Singapore, all citizens should put Singapore and its interests first, said SM Lee
Source: The Straits Times - 🏆 8. / 63 Read more »

Chinese national arrested in S’pore for creating malware that allowed criminals to steal billionsProperties subject to seizure include a Singapore condominium unit and a Singapore-registered Ferrari.
Source: The Straits Times - 🏆 8. / 63 Read more »