Government Orders Crackdown on Money Laundering Accounts

[webfact]

 

by Natthaphon Sangpolsit

    

BANGKOK (NNT) - The government has ordered relevant agencies to expedite the amendment of the anti-money laundering law following reports of scammers using mule accounts to commit financial crimes.

 

Deputy Government Spokesperson Traisuree Taisaranakul said the instructions from Prime Minister Gen Prayut Chan-o-cha came after recent reports of fraudulent financial activities through mule accounts. The Anti-Money Laundering Office (AMLO) has proposed an anti-money laundering law amendment bill which classifies any involvement in the opening of mule accounts as a felony.

 

Several agencies, including the Ministry of Digital Economy and Society and the Royal Thai Police, have meanwhile set up a task force to monitor and suppress online scams. The task force is working with international organizations to obtain more information on scammers, as well as seeking to establish cooperation with neighboring nations.

 

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The Bank of Thailand and the Thai Bankers’ Association will send out warning messages to users before making any transfers and enhance the alertness of banking staff on the potential opening of illicit accounts.

 

The banks are also working to improve the filing system on the confiscation of accounts involved in online crimes.

 

-- © Copyright NNT 2022-03-14

 

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[Orinoco]

Some cops won't be happy about that  !Lol .

TIT.

[Cake Monster]

This should help the Locals " facilitate " those from colder climes who seek to sit out some Sanctions.

[mikebell]

Much of this 'black' money never reaches bank accounts.

The offender buys some land for cash; pays a builder in cash to throw up twenty houses;  sell/rent five of them. Job done.   How else to explain the massive land clearing locally during this present economic depression?

[Will B Good]

Pretty sure a significant number of 'shops' in Bangkok, which never seem to have customers, but still thrive, must be in the loop regarding dirty money.

 

The alternative of course is to get yourself into the RTP and then you can have a billion dollars in a bank account and no one says diddly squat.

[tonray]

6 hours ago, webfact said:

The banks are also working to improve the filing system on the confiscation of accounts involved in online crimes.

A couple of years ago when Kasikorn issued new chipped cards, I had  to go into the branch and file a bunch of paperwork to get my new card. At the same time I noted several customers doing the same but with stacks of account books....the lady next to me must have had 30 accounts that she was getting new cards for....perhaps they should start with customers like this and question why she has 30 accounts...

[Will B Good]

1 minute ago, tonray said:

A couple of years ago when Kasikorn issued new chipped cards, I had  to go into the branch and file a bunch of paperwork to get my new card. At the same time I noted several customers doing the same but with stacks of account books....the lady next to me must have had 30 accounts that she was getting new cards for....perhaps they should start with customers like this and question why she has 30 accounts...

That would be rude.

[bojo]

1 minute ago, tonray said:

A couple of years ago when Kasikorn issued new chipped cards, I had  to go into the branch and file a bunch of paperwork to get my new card. At the same time I noted several customers doing the same but with stacks of account books....the lady next to me must have had 30 accounts that she was getting new cards for....perhaps they should start with customers like this and question why she has 30 accounts...

Very professional, she probably wanted to keep track of which sponsor was paying which amount and when.!!

[worgeordie]

They are going after the small fry, they want to look at

all the black money gained from corruption is washed,

but that will never happen ,as too many influential and

powerful people involved .

regards Worgeordie

[GeorgeCross]

1 hour ago, mikebell said:

How else to explain the massive land clearing locally during this present economic depression?

land tax - 3% on uncleared land.. 0.3% on 'farm' land ????

[realfunster]

14 minutes ago, GeorgeCross said:

land tax - 3% on uncleared land.. 0.3% on 'farm' land ????

Correct. Came into force in 2019.

 

Hence the dramatic increase in sightings of banana trees around in Bangkok over the last 3 years !

[Enzian]

One would think what is described would have been on the books or clearly implied for a long time now, another case of making a law for something that is already covered.

[Berkshire]

Wonder if this crackdown will inadvertently impact law-abiding expats who are just bringing in funds from overseas for living expenses.  The US, for example, has been going after rich Americans who hide their money overseas.  But their tactics have made life a little more difficult for ordinary American expats.  Anyhow, just wondering what this "crackdown" will entail.

[Cabradelmar]

Their classic ineptitude will lead them to simply harass the little people and as usual "miss the forest for the trees." Coming soon... Stories of how accounts of honest expats get frozen or locked due to this initiative

[mikebell]

22 hours ago, GeorgeCross said:

land tax - 3% on uncleared land.. 0.3% on 'farm' land ????

Thank you; I didn't know that.

[zzaa09]

On 3/13/2022 at 6:54 PM, Will B Good said:

Pretty sure a significant number of 'shops' in Bangkok, which never seem to have customers, but still thrive, must be in the loop regarding dirty money.

 

The alternative of course is to get yourself into the RTP and then you can have a billion dollars in a bank account and no one says diddly squat.

If it weren't for the dark/underground sector, most economies would be in shambles and even more illusionary. 

Not too terribly different from the surface and legitimate???? economies - similar practices of phoniness, fantasy, criminal and BSery. 

 

There's a place for everything - regardless of it's accepted/unaccepted order and convention.

 

The ideals of true and worthy wealth is purely a part of our imaginations -