United States Urges Singapore To Help Restrict Myanmar Military Regime's Access To Foreign Funds

Derek Chollet with Singapore's Minister of Foreign Affairs Vivian Balakrishnan. (Twitter/Derek Chollet)

JAKARTA - A top US government official has urged Singapore to help limit Myanmar's military access to foreign funds, during a three-day trip to Southeast Asia this week.

State Department adviser Derek Chollet made the request during a meeting with Singapore's central bank during his visit, which was made with the aim of promoting a 'return to democracy' in Myanmar.

Singapore is one of Myanmar's biggest foreign investors and its banks have been accused by activists of having assets on behalf of the Myanmar military regime.

The Chollet delegation visited Thailand, Singapore, and Indonesia, all members of the Association of Southeast Asian Nations (ASEAN), which recently voted to exclude Myanmar's coup leader Senior General Min Aung Hlaing from his annual summit in late October.

"The regional bloc's move is fully justified and justified given the situation," Chollet said in a teleconference with reporters, citing Myanmar Now, October 22.

On Wednesday he tweeted that he had a productive meeting with the deputy managing director of the Monetary Authority of Singapore (MAS), the official name for the country's central bank, discussing ways to limit the Burmese military regime's access to overseas financial assets.

"Singapore has significant financial leverage over the regime, and we discussed how we can partner effectively to use it," Chollet said, adding the country had a very, very important role to play.

Separately, activist group Justice For Myanmar (JFM) on Wednesday issued a legally commissioned memorandum, saying MAS could be held accountable for allowing business transactions with Myanmar's military to be conducted through the Singapore stock exchange.

The memorandum, drawn up in partnership with the Australian Center for International Justice, said the Singapore Exchange (SGX) itself could also be held accountable, along with the country's government.

It focuses on the SGX listing of investment holding company Emerging Towns & Cities, which struck a multimillion-dollar deal with the Myanmar military to develop the mixed-use Golden City complex in Yangon.

Several business entities may be involved in the investigation of financial ties between the two countries, JFM spokesman Yadanar Maung said in a statement.

He noted that SGX, MAS, and the Singapore Government could face serious legal consequences if they continue to turn a blind eye to the complicity of Singaporean companies in Myanmar military atrocities.

It is known that the United States froze about USD 1 billion in government funds in Myanmar, after the military coup that was launched on February 1 last.

JFM reported that in the same month the Myanmar military regime still had access to Myanmar's currency reserves worth USD 5.7 billion through other channels.

The group also said it had received credible intelligence that most of the funds were held in commercial banks in Singapore.

MAS has denied the allegations, saying it "found no significant funding from Myanmar companies and individuals" in Singaporean banks.

Regarding the Myanmar Coup. VOI editorial team continues to monitor the political situation in one of the ASEAN member countries. Civilian casualties continue to fall. Readers can follow news about the Myanmar military coup by clicking this link.