The UN Special Rapporteur's report on 26 June 2024 accused international banks, state-owned banks and some local private banks of facilitating some transactions
that violate human rights in Myanmar and called for action.
In response to the UN report, the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) has issued this statement that the report can have a significant impact on the economy.
1. UMFCCI is an organization that leads to the sustainable development of Myanmar's economy and represents the private sector. UMFCCI makes continuous efforts to ensure local and foreign investments in Myanmar and streamline the international network.
2. The attempt of the UN report to take action against international banks, state-owned banks, and some local private banks has had a considerable effect on the domestic business sector, as well as the staff and their families who rely on these businesses. The financial system is a central pillar that dynamizes those industries, and so the ban on that system can affect the resources of Myanmar's economy.
3. International corresponding banks have also undertaken the Enhanced Due Diligence (EDD) measures on all business relationships and transactions by scrutinizing required documents when providing banking services to Myanmar banks.
4. UMFCCI wants to urge international organizations not to affect the people and their socioeconomic status through the enormous impacts on businesses.
5. The UN Special Rapporteur's report, which accused international banks, state-owned banks, and local private banks of being involved in some transactions that were going against human rights in Myanmar and called for immediate action, not only tends to batter the interests of the people of Myanmar but also hamper economic relations between Myanmar and foreign nations. Thus, UMFCCI is concerned so much so that it will continue to develop the State economy and socioeconomic lives of the people.
Union of Myanmar Federation of Chambers of Commerce and Industry