Cash Thorugh Airport Is Ok, But Not, Or ...

[Thaising]

Currency amounts in/out of Thailand raised

BANGKOK: -- Finance Minister Chalongphob Sussangkarn decided to double the amount of currency that can be brought in or taken out of the country undeclared to US$20,000 from US$10,000, Deputy Finance Minister Sommai Phasi said Wednesday.

According to Mr Sommai, the new restriction is a result from the expansion of economics and higher inflation.

He added that tourists from several countries including Russia like to use cash in addition to credit cards.

Individuals wishing to carry cash in or taken out of Thailand with the amount larger than the US$20,000 must report to authorities.

-- Bangkok Post 2007-12-12

[george]

B60m cash brought in through airport still here, says Amlo

BANGKOK: -- The officials of the Anti-Money Laundering Office (Amlo) believe the equivalent of 60 million baht in cash carried into Thailand by five Chinese nationals last month is still in the country, although two of them have already left. Justice Minister Charnchai Likhitjitta said the five Chinese entered Thailand at Suvarnabhumi airport on Nov 20.

The first group, from Guangzhou, arrived about 5pm and declared HK$6.3 million in cash. Another group came from Hong Kong, arriving about 8pm with a similarly large amount of cash.

The total value was equivalent to about 60 million baht, he said.

Authorities' suspicions were immediately aroused, with the arrival of the money coming hot on the heels of deposed prime minister Thaksin Shinawatra's call in an interview in Hong Kong last week for a government of national unity after the Dec 23 election.

Amlo staff at the airport said the five Chinese could not explain what they planned to do with the money. They said they intended to invest in Thailand, but had not decided in what way.

Amlo ran a background check and found they had no businesses in China, Hong Kong or Thailand. All five entered Thailand as tourists.

Amlo could not seize the money, although it is empowered by the recently enacted Money Exchange Act to do so. The act prohibits foreigners from bringing in excessive amounts of cash, but does not specify the maximum amount.

The level set by other nations was US$50,000, Mr Charnchai said.

Amlo staff told the justice minister that at least two of the five Chinese had already left Thailand, but the 60 million baht was probably still in the country.

Amlo will investigate how this money could be linked to the general election and the possibility of offences under the money laundering law.

New cash limits

The Finance Ministry yesterday doubled the amount of undeclared cash that can be brought in or taken out of the country to US$20,000, or about 670,000 baht, up from $10,000.

Inbound passengers are allowed an unlimited amount of foreign and Thai currency if they declare it.

Deputy Finance Minister Sommai Phasi said tourists from many countries still preferred using cash rather than credit cards when spending overseas.

-- Bangkok Post 2007-12-13

[LaoPo]

So, what's the point ? The Chinese declared the money. And, if they declared the money and it is allowed to bring in an unlimited amount, why investigate ?

Oh, I see....it must be Thaksin....

LaoPo

[ilyushin]

Interesting! Very intersting!

Good bit of news George.

[LaoPo]

The B60m cash brought in through the airport is maybe not so 'special' as we might think.

I'm just reading reports that enormous amounts of money have been withdrawn -in cash- from banks in Shenzhen/Guangdong in the first 9 months of this year. In fact the cash withdrawals were 50% (in Shenzhen alone) of the total cash withdrawals in the entire country. And that are HUGE amounts.

Most of the money 'find' it's way to Hong Kong through all kinds of channels.

Maybe Thailand is on the 'list' of destinations to bring the surplus money and invest in the stock market...Good for Thailand !*

(HK shares -from mainland China companies- are a lot less expensive than their 'sister-shares' on the Shanghai Bourse; so, that's where the majority of the money goes to: Hong Kong stock market...)

Banks in China are now limiting their clients to withdraw cash thru all kinds of new rules. The banks even put limited cash/week/day in the ATM's in order to try to stop cash withdrawals, beyond normal usage.

* After all, Baht 60 Million is just peanuts (Euro 1,2 Million/GBP 864K or $ 1,8 Million) in comparison to the huge amounts withdrawn from Chinese banks and finding a way abroad. Apart from that I don't think the Chinese, who took the cash into Thailand, are walking around with suitcases on Patpong or Nana, would they ?

I think they KNOW where to go: Thai Banks; simple.

This whole 'Amlo' is a made up story; as if this is the first time people walk into LOS with suitcases of money

The money is here to stay and invest. A lot of people are paranoid (re: ex PM) if some money enters the country.

Just IMHO.

LaoPo

[Seneque]

Russia ? ... how surprising !

[LaoPo]

There are 2 threads running now about the -more or less- same subject...

http://www.thaivisa.com/forum/index.php?showtopic=158344

LaoPo

[lannarebirth]

I've been waiting for this. I anticipate billions will try to flow out of China soon. Should be good for investments in neighboring countries. Corrupt officials of which there are thousands, can't just put it in the bank. HK, SNG, Thailand seem like natural repositiries for these kinds of funds.

[astral]

So much for the global restrictions on cash, to cut down on money laundering..............