Singapore Has Not Imposed General Trade Embargo On Myanmar - Minister Balakrishnan

SINGAPORE, July 4 (Bernama) -- Singapore has not imposed a general trade embargo on Myanmar as it does not want to add to the suffering of the civilian population, said the republic’s Foreign Affairs Minister Dr Vivian Balakrishnan.

Balakrishnan said this in his written replies to parliamentary questions related to the report by the UN Special Rapporteur claiming that Singapore-based entities had shipped US$254 million worth of supplies to the Myanmar military.

“In 2022, Singapore’s total bilateral trade with Myanmar was S$5.8 billion,” said the minister.

Balakrishnan noted that the allegations in the May 2023 report by UN Special Rapporteur for Myanmar Thomas Andrews pertaining to the supposedly US$254 million worth of goods over a two-year period.

“Nonetheless, we take Andrews’ report very seriously, and have requested him to provide specific and verifiable evidence to aid our efforts.

“An initial list of 47 entities were identified. More recently, another 91 entities were identified too,” he revealed.

However, the minister said, “this is an interim update as the investigations are ongoing.”

Detailing further, Balakrishnan said nine entities were no longer registered with the Accounting and Corporate Regulatory Authority, which means that they could no longer carry on business or operate as legal entities in Singapore.

“This includes entities that were allegedly involved in the transfer of components and spare parts for fighter aircraft, equipment for the Myanmar Navy, as well as radios, research and equipment for electronic warfare,” he said.

Most of the 47 entities, meanwhile, no longer have business facilities with Singapore banks, said the minister.

He stressed that the banks will review the remaining accounts and take appropriate measures, including enhanced scrutiny to ensure that the transactions processed by these entities were not suspicious.

“Such measures would curtail their ability to continue with any undesirable business,” he said.

As Myanmar is on the blacklist of the Financial Action Task Force, Balakrishnan said financial institutions in Singapore have also been applying enhanced due diligence for Myanmar-linked customers and transactions that present higher risks.

The minister also said the republic is looking into specific details of the alleged US$254 million worth of “arms and related goods” that were shipped through Singapore-based entities to the Myanmar military.

“In Andrews’ report, there were no indications that specific armaments were being transferred to the Myanmar military.

“Instead, under the category of “arms”, what was cited were only spare parts and equipment, without details of what these constituted,” he added.

In the reply, Balakrishnan re-stated categorically that the Singapore Government has not conducted any military sales to the Myanmar military in recent years, including during the period covered in Andrews’ report - between February 2021 and December 2022.

Indeed, the minister said Andrews himself reaffirmed in his report that “there are no indications the Government of Singapore has approved, or is involved in, the shipment of arms and associated materials to the Myanmar military”.

Balakrishnan was asked, among others, what actions have been taken against such companies; and how many cases involved Singapore-based banks in the financing of the transactions, including trade financing.

-- BERNAMA