Central Bank of Myanmar rejects UNHRC report on bank involvement in rights abuses
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Khit/Yoon (NP News) - July 2
On June 28th, the Central Bank of Myanmar (CBM) released a statement strongly condemning the proposed actions against certain international banks, mentioned in the United Nations Human Rights Council report. The CBM argues these actions would negatively impact the Myanmar people's economic well-being.
The UNHCR’s report issued on 26 June accuses international banks, local state-owned banks, and some private banks of involvement in human rights violations in Myanmar and urges action.
Currently, all domestic banks, including state-owned institutions, adhere to Due Diligence Procedures set by the Central Bank. These procedures ensure thorough verification and information collection from all those interacting with the bank.
Furthermore, both international and all local banks, including state-owned institutions, conduct Enhanced Due Diligence (EDD). This involves obtaining necessary evidence to ensure compliance for handling Myanmar's internal and external financial transactions.
On 9 June, the CBM issued a press release stating that Myanmar's implementation of measures in accordance with the standards set by the Financial Action Task Force (FATF) which have been recognized by both FATF and the Asia/Pacific Group on Money Laundering (APG) and discussions at the face-to-face meeting.
The CBM stated that Myanmar's internal and external financial transactions are intended for the import of essential goods for the people of Myanmar, such as medicine and medical supplies, agricultural and livestock equipment, fertilizers, fuel, and cooking oil.
Additionally, it is reported that banks obtain and verify trade-related documentation to process payments for the import of these goods.
The CBM has strongly condemned the allegations in the UNHRC report that international banks, state-owned banks, and some private banks operating in Myanmar are complicit in human rights abuses in the country. The CBM asserts that these claims not only jeopardize the welfare of the Myanmar people but also strain relations between Myanmar and other nations.