Connect with us

Banking

Thailand to Be Removed from Money Laundering Blacklist

The Financial Action Task Force has decided to remove Thailand from its Public Statement under which Thailand was included on the Anti-Money Laundering and Counter Terrorist Financing (AML/CTF) blacklist.

Published

on

populistdollarrain

The Financial Action Task Force has decided to remove Thailand from its Public Statement under which Thailand was included on the Anti-Money Laundering and Counter Terrorist Financing (AML/CTF) blacklist.

The decision was made at a meeting of the Financial Action Task Force, an inter-governmental body, in Paris between 18 and 22 February 2013.

Thailand to Be Removed from Money Laundering Blacklist

Thailand to Be Removed from Money Laundering Blacklist

Prime Minister Yingluck Shinawatra and the Secretary-General of the Anti-Money Laundering Office, Police Colonel Seehanat Prayoonrat, spoke about the issue after the Cabinet meeting on 27 February.

The Financial Action Task Force is tasked with combating money laundering and terrorism financing worldwide

It has developed a series of recommendations that are recognized as the international standard for combating money laundering and the financing of terrorism and proliferation of weapons of mass destruction. This organization also monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally.

The Secretary-General of the Anti-Money Laundering Office explained that the Financial Action Task Force agreed to remove Thailand from the blacklist after the country had improved various measures in line with the international standard for combating money laundering. He said that Thailand was one of the countries included on the list in February 2012, since the Financial Action Task Force believed that Thailand lacked adequate steps against money laundering and terrorist financing.

He said that all agencies involved have joined hands in tackling this issue and that significant progress has been made. For instance, the Government has proposed two bills seeking to amend the Anti-Money Laundering Act and the Anti-Terrorism Act. The two amended bills were recently passed by Parliament.

However, the process of removing Thailand from the Public Statement of the Financial Action Task Force has not yet been completed. The task force will send experts for inspection in Thailand in May 2013 to ensure that Thailand fully enforces the amended Anti-Money Laundering Act and the Anti-Terrorism Act. Ministerial regulations must be issued, as well. Moreover, the supervision of the financial sector should be strengthened and financial institutions must act in accordance with the two laws seriously and effectively.

The experts will report results of their inspection to the Financial Action Task Force in June 2013. If the report confirms that Thailand has implemented the required measures, the Financial Action Task Force will completely remove Thailand from the list.

Click to comment

Leave a Reply

Banking

Bank of Thailand warns of risks of cyber theft when using cryptocurrencies

The future looks promising for cryptocurrencies in Thailand after Siam Commercial Bank Pcl – Thailand’s oldest private bank- invested 17.85 billion baht ($525 Mln) to buy 51% of Thailand’s leading digital asset exchange, Bitkub Online Co.

Published

on

China-Sustains-Huge-Ecommerce-Development-Investment-Flows-Into-ASEAN

The Bank of Thailand stated that the central bank does not support the use of digital currencies for making payments, due to their high price volatility and the risks of cyber-theft.

(more…)
Continue Reading

Banking

The Thai banking system remained resilient in Q3 2021 says BoT

The Thai banking system remained resilient with high levels of capital fund, loan loss provision and liquidity to serve an important role in assisting borrowers and accommodating loan demand to support economic recovery amidst uncertain COVID-19 situation, said Bank of Thailand latest press release.

Published

on

64cb74e9 atm bank

The Thai banking system remained resilient with high levels of capital fund, loan loss provision and liquidity to serve an important role in assisting borrowers and accommodating loan demand to support economic recovery amidst uncertain COVID-19 situation, said Bank of Thailand latest press release.

(more…)
Continue Reading

Recent

Most Read

Join 14,209 other subscribers