Thailand withdrawn from money laundering list
Updated: 2013-06-26 13:35
Thailand has been removed from a list by the Financial Action Task Force (FATF) of countries that needed improvements to meet global standards on anti-money laundering (AML) and counter-terrorist financing (CFT).
Secretary-General of the Anti-Money Laundering Office (AMLO) Pol. Col. Sihanart Prayoonrat said the removal followed the discussion in Oslo, Norway, from June 17-21, when Thailand informed FATF of further progress.
Removal from the list means Thailand no longer poses a risk on money laundering by terrorist groups. Countries on the list could face sanctions by FATF members that in turn could affect cross-border business and financial transactions.
Thailand has improved compliance by instituting a number of actions including the issuance of ministerial regulations on cash threshold transactions. FATF also required member countries to adequately criminalising terrorist financing and establishing and implementing adequate procedures to identify and freeze terrorist assets.
According to Sihanart, during the discussion in Norway, Thailand was urged to raise awareness on legal enforcement among all parties, as some non-financial business operators still lack understanding on counter-terrorist financing standards. AMLO has also been urged to impose penalties on blacklisted individuals.