Central Bank’s Statement: CBM responds the UNHRC Report

The Central Bank of Myanmar issued a statement on Friday, concerning the report released by the United Nations Human Rights Council on June 26th.

The report mentioned that foreign banks, local state-owned banks, and private banks were implicated in Myanmar’s human rights violations, prompting calls for legal action.

All local banks, including state-owned banks, were strictly adhering to the Due Diligence Procedures laid down by the Central Bank of Myanmar, while conducting Myanmar's internal and external financial transactions with requisite evidence and Enhanced Due Diligence (EDD).

In line with the Financial Action Task Force (FATF) standards, and based on Myanmar's implementation progress reports to the Asia-Pacific Joint Group (APJG) as well as the discussions at the face-to-face meeting, the Central Bank of Myanmar announced on June 9th that FATF and APJG have recognized Myanmar’s efforts and raised the yearly benchmark levels.

Myanmar's internal and external financial transactions are mainly operated for essential imports such as medicine, medical aids, agricultural and livestock equipment, fertilizer, fuel oil, and cooking oil. Likewise, payment processing are being conducted by acquiring the verified commercial identification documents.

The aforesaid report issued by the United Nations Human Rights Council, is detrimental to the interests of Myanmar citizens and affects Myanmar's foreign relations.