BANGKOK — The Thai government plans to meet with commercial banks and state agencies next week to investigate transactions allegedly used to purchase weapons for Myanmar’s junta and to push for stricter oversight, according to the foreign minister on Thursday (July 18). Representatives from Thai banks informed a parliamentary committee last week that while they follow regulations, they lack the resources to investigate every transaction potentially linked to arms purchases. This response came after a UN expert reported a significant increase in funds moved through Thai banks for weapons used by Myanmar's junta against civilians.

Foreign Minister Maris Sangiampongsa announced that the July 24 meeting aims to ensure banks implement proper due diligence and thoroughly scrutinize their transactions. This follows inquiries from the parliamentary national security committee, which sought clarification from the prime minister regarding the alleged arms-related financial transfers.

Myanmar is currently in a civil war involving the military, which seized power in 2021 after a decade of democracy, and various ethnic minority armies and a resistance movement loyal to a shadow government. The military faces accusations of systematic atrocities, which it has labeled as Western misinformation.

Maris stated that Thailand does not support banking transactions that violate human rights and does not endorse economic sanctions against Myanmar.

UN special rapporteur Tom Andrews reported that Thai-registered companies used local banks to transfer $120 million (S$161 million) for weapons and related materials for Myanmar in the 2023 fiscal year, up from $60 million the previous year. These transactions undermine global efforts to isolate the military, which is facing significant challenges.

The spokesperson for Myanmar’s ruling military council could not be reached for comment on Thursday. The five Thai banks mentioned in the UN report—Krung Thai, SCBX, Bangkok Bank, TMB Thanachart Bank, and Kasikorn Bank—had not responded to Reuters' requests for comment. Thailand's central bank has indicated it is considering collaboration with international and local agencies to create a database of companies linked to Myanmar’s junta.