UMFCCI, rice federation denounce UN Rapporteur’s ill-report on Myanmar’s banking sector

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NP News - July 6

The UN Special Rapporteur's report on 26 June 2024 accused international banks, State-owned banks and local private banks of facilitating transactions with violation of human rights in Myanmar.

The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and Myanmar Rice Federation (MRF) have issued the statements respectively in response to the UN report.

The UMFCCI urged the international organizations including the UN not to affect the socioeconomic of the Myanmar people through enormous impacts on businesses. The UMFCCI pointed that the report tends not only to bitter the interests of Myanmar citizens but also to harm the economic relations with foreign countries.

The Myanmar Rice Federation (MRF) highlighted that the UN’s report tends to impact the farming sector which most locals rely on by taking action against the international banks. “All farmers and private farming businesspeople rely on and receive banking services, including agricultural loans, loans for livestock breeding, rural development loans, and small short-term loans,” the MRF stated.

In fact, banks in Myanmar have already adhered to the international standards and systems in transactions, payments and transfers. What is more, local banks, private banks and international banks operating in Myanmar set adequate inspections, actions, and procedures under the lead of the Central Bank of Myanmar in anti-money laundering, countering terrorism, and financing services that break the law and procedures, the MRF affirmed.

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