Thailand On Money-Laundering Blacklist

[julemanden]

thats a sad news for Thailand , lets hope this government will act in a serious way . ( yeah I know I can dream on this) But knowing the country I already hear the comments ... There are no terrorism in Thailand , no money laundering , no prostitution , no corruption ( did I forget anything ?)

Yeah, here is "no nothing" And for sure no "tea money"

[RichardinBKK]

Right...American Congressmen and Senators have a law that allows them to participate in insider trading, while others go to jail for the exact same activity...and now they are tossing smoke bombs all over the world to combat "money laundering." All the while, Americans supply the world with every possible weapon imaginable. Looks like they are trying to cut out the middle man, drive profits and collect more tea money ... woops ... I mean "taxes."

How lucky would we all be if this was our biggest problem?

[unanimosity]

thats a sad news for Thailand , lets hope this government will act in a serious way . ( yeah I know I can dream on this) But knowing the country I already hear the comments ... There are no terrorism in Thailand , no money laundering , no prostitution , no corruption ( did I forget anything ?)

No casinos, no mafia, no racism, no political assassinations, no human rights violations, no rich kids in Porsches cutting pedestrians in half and getting away with it, no tea money, no gender confusion, no blame for crimes while drunk, no Sakdina, no abused elephants, no sold children, no bus drivers sleeping on the job, no media monopoly, no 3G, no farang murder victims unless perp is also farang, no fixed muay Thai fights or horse races, no bad bomb detectors or blimps, no TAT film festival wrong-doing, no too cheap to buy paper cups for the drinking fountain, no default on highway construction payments, no spousal abuse, no piracy of software movies and music, no biased research when fortune tellers are available, no fake university degrees, no revenge, no unsafe vehicles on the road, no inter-collegiate warfare, no incorrect translitterations, no broadcast audio out of sync with the video, no feral dogs, no smog in Chiang Mai, no over charging tuk tuk drivers, no dishonest jet ski operators, no finance charges by banks of the same chain when you are away from your home bank branch, .............etcetera

[Reasonableman]

The headline and story are not correct. Thailand is NOT on the blacklist, only Iran and North Korea are, but on another list, known as the grey list.

Sounds like they're not totally convinced, then....

[ericthai]

The money laundering laws that are already in place by the UK/US are really only lip service anyway as far as the average person is concerned (They require a statement of what the money is for if you transfer over 10K USD out of the country)

Basically, you transfer the cash from say UK to Thailand, you go to the bank, the money is on hold - the bank telephones the head office in Bangkok, they ask you what the money is for, as long as you say "new car" and not make the mistake of saying "Ya Ba" the money is released there and then - waste of time really. Just bureacracy and arse covering. (The UK/US is probably paying a load of civil servants to file pages of documents from the banks stating "new car".

I guess you don't know why they ask you.. They ask you because if it is to purchase a condo it must be noted, as if you buy a condo the money needs to come from outside of Thailand. Anything else they don't care. I always just say for my expenses.

[tragickingdom]

How sweet, the happy few have no intention to change anything. Any government is powerless. With appointed senators, crooked police, crooked military, stealing royalists and industrials there will never be any need for anti money laundering laws. Imagine when the likes of Chuwit could no longer laundry the money made from prostitution, police man who cannot afford to pay the petrol for their Benz need to put the casino money in the bank and generals need to store their kick backs fro weapon sales. The country would fall apart.

In the end it is not a problem either, after all countries like Israel, the UK and the US laundry money in the billions themselves for covert operations. Oliver North was the best example. So don;t worry about it. It is the pot telling the kettle that it is black.

[pointoffew]

The headline and story are not correct. Thailand is NOT on the blacklist, only Iran and North Korea are, but on another list, known as the grey list.

Sounds like they're not totally convinced, then....

Countries on the grey list are "warned about risks arising from transactions with the jurisdictions". The only other countries on the grey list with a high GDP are Indonesia, Nigeria, Pakistan, and Turkey.

[Dap]

thats a sad news for Thailand , lets hope this government will act in a serious way . ( yeah I know I can dream on this) But knowing the country I already hear the comments ... There are no terrorism in Thailand , no money laundering , no prostitution , no corruption ( did I forget anything ?)

education, ethics, morals ...

[Dap]

FATF Public Statement - 16 February 2012

Paris, 16 February 2012 -

The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT) . In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.

Thailand

Despite Thailand’s high-level political commitment to work with the FATF and APG to address its strategic AML/CFT deficiencies, Thailand has not made sufficient progress in implementing its action plan, and certain strategic AML/CFT deficiencies remain, although Thailand has faced external difficulties from 2009 to 2011 which significantly impacted the legislative process for the necessary laws and regulations. Thailand has taken steps towards improving its AML/CFT regime, including by substantially completing an AML/CFT risk assessment for its financial sector. Thailand should work on implementing its action plan to address the remaining deficiencies, including by: (1) adequately criminalising terrorist financing (Special Recommendation II); (2) establishing and implementing adequate procedures to identify and freeze terrorist assets (Special Recommendation III); and (3) further strengthening AML/CFT supervision (Recommendation 23). The FATF encourages Thailand to address its remaining deficiencies and continue the process of implementing its action plan.

http://www.fatf-gafi...1_1_1_1,00.html

How very diplomatic.

[jingjoke]

Why am I not surprised, seeing the amount of property being bought at inflated prices and left empty.

You could as well be referring to Vancouver...

[blackthorn2005]

Is this really any shock to anybody reading this? I would say Thailand is the grease on the main hub to launder money, there are huge big bucks here in Thailand.

That would explain the large numbers of arrogant Russians becoming fixtures in Phuket!

[osiboy]

why has it taken them so long ?? , ..... ever seen a tailors shop closing ?, even with no customers and big overheads ?.......mmmmmmm.....i rest my case !

[blackthorn2005]

How do you get those little faces (yellow heads) on your posts?

Post when you are sober!

[RichardinBKK]

The money laundering laws that are already in place by the UK/US are really only lip service anyway as far as the average person is concerned (They require a statement of what the money is for if you transfer over 10K USD out of the country)

Basically, you transfer the cash from say UK to Thailand, you go to the bank, the money is on hold - the bank telephones the head office in Bangkok, they ask you what the money is for, as long as you say "new car" and not make the mistake of saying "Ya Ba" the money is released there and then - waste of time really. Just bureacracy and arse covering. (The UK/US is probably paying a load of civil servants to file pages of documents from the banks stating "new car".

I guess you don't know why they ask you.. They ask you because if it is to purchase a condo it must be noted, as if you buy a condo the money needs to come from outside of Thailand. Anything else they don't care. I always just say for my expenses.

Just an FYI, in case you do not like the IRS up in your business, they lowered the bar to $5,000 USD a while back. Folks moving 9,999 are way over the line, and do not know it.........................................yet.

[xthAi76s]

thats a sad news for Thailand , lets hope this government will act in a serious way . ( yeah I know I can dream on this) But knowing the country I already hear the comments ... There are no terrorism in Thailand , no money laundering , no prostitution , no corruption ( did I forget anything ?)

...no hypocrisy, no ineptitude, no racism, no double standards, no cronyism, no social disparagies, no anal retentiveness, no holier-than-thou attitudes, no taxi mafia, no jet ski scams, no gem scams, no red-tape bureaucracy (did I forget anything?).

... no issues with face holding the country back, no inferiority complex to our pearl skin Chinese saviors due to our darker skin, no drug problems (drug free zone), no issues with treating tourists like throw away garbage, no xenophobia in general or in our immigration policies, no customs scams, no silly protectionist policies protecting our local, competitive industries like ( electronics? - no; autos? - no; textiles? - not really; heavy machinery? - naaw; hmmm... never mind), no human rights violations, no treating Burmese immigrants like slaves, no treating Cambodian immigrants like slaves, no corruption in our Buddhism or Animism like Monks buying 10,000,000 Baht mansions and having sex with loose women, no sending Rohinga refugees right back out to sea on a boat only to watch many die, no issues with road safety.

Did I miss anything?

[Reasonableman]

Some people seem to be able to find fault anywhere! ;-)

thats a sad news for Thailand , lets hope this government will act in a serious way . ( yeah I know I can dream on this) But knowing the country I already hear the comments ... There are no terrorism in Thailand , no money laundering , no prostitution , no corruption ( did I forget anything ?)

...no hypocrisy, no ineptitude, no racism, no double standards, no cronyism, no social disparagies, no anal retentiveness, no holier-than-thou attitudes, no taxi mafia, no jet ski scams, no gem scams, no red-tape bureaucracy (did I forget anything?).

... no issues with face holding the country back, no inferiority complex to our pearl skin Chinese saviors due to our darker skin, no drug problems (drug free zone), no issues with treating tourists like throw away garbage, no xenophobia in general or in our immigration policies, no customs scams, no silly protectionist policies protecting our local, competitive industries like ( electronics? - no; autos? - no; textiles? - not really; heavy machinery? - naaw; hmmm... never mind), no human rights violations, no treating Burmese immigrants like slaves, no treating Cambodian immigrants like slaves, no corruption in our Buddhism or Animism like Monks buying 10,000,000 Baht mansions and having sex with loose women, no sending Rohinga refugees right back out to sea on a boat only to watch many die, no issues with road safety.

Did I miss anything?

[TallGuyJohninBKK]

Here's the correct latest list from the organization's website. Quite good company Thailand is keeping there in its little League of Nations.

Paris, 16 February 2012 - The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT) . In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.

Jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/TF) risks emanating from the jurisdictions*.

Iran

Democratic People's Republic of Korea (DPRK)

Jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies**. The FATF calls on its members to consider the risks arising from the deficiencies associated with each jurisdiction, as described below.

Cuba**

Bolivia

Ethiopia

Ghana

Indonesia

Kenya

Myanmar

Nigeria

Pakistan

São Tomé and Príncipe

Sri Lanka

Syria

Tanzania

Thailand

Turkey

http://www.fatf-gafi...1_1_1_1,00.html

Edited February 17, 2012 by TallGuyJohninBKK

[TallGuyJohninBKK]

This news is the lead item on the BKK Post's web site right now...with the headline saying Thailand has been "greylisted."

[billybobthedog]

Wrong forum thread....sorry

Edited February 17, 2012 by billybobthedog

[Pib]

Within days the Thai govt will be saying there is no money laundering going on in Thailand...just like there is no terrorism occurring. All is good in Thailand...all is well under control....just ask any politician. .

[geriatrickid]

Right...American Congressmen and Senators have a law that allows them to participate in insider trading, while others go to jail for the exact same activity...and now they are tossing smoke bombs all over the world to combat "money laundering." All the while, Americans supply the world with every possible weapon imaginable. Looks like they are trying to cut out the middle man, drive profits and collect more tea money ... woops ... I mean "taxes."

How lucky would we all be if this was our biggest problem?

Not anymore. US congress and senate is now subject to a new law just passed that addresses the exposure.

[KeyserSoze01]

Right...American Congressmen and Senators have a law that allows them to participate in insider trading, while others go to jail for the exact same activity...and now they are tossing smoke bombs all over the world to combat "money laundering." All the while, Americans supply the world with every possible weapon imaginable. Looks like they are trying to cut out the middle man, drive profits and collect more tea money ... woops ... I mean "taxes."

How lucky would we all be if this was our biggest problem?

The USA was not mentioned in the OP. The FATF is not an American organization. To address your point. Congress just last week passed an ethics bill prohibiting elected officials from benefiting from insider information with regards to the financial markets. Should have been illegal all along, but at least it is now.

http://www.thedailybeast.com/articles/2012/02/09/congress-picks-apart-then-passes-insider-trading-bill.html

[KeyserSoze01]

The headline and story are not correct. Thailand is NOT on the blacklist, only Iran and North Korea are, but on another list, known as the grey list.

Perhaps so, although being lumped into the same category as Nigeria will bring unwanted scrutiny to financial transactions to / from Thailand.

[RichardinBKK]

Right...American Congressmen and Senators have a law that allows them to participate in insider trading, while others go to jail for the exact same activity...and now they are tossing smoke bombs all over the world to combat "money laundering." All the while, Americans supply the world with every possible weapon imaginable. Looks like they are trying to cut out the middle man, drive profits and collect more tea money ... woops ... I mean "taxes."

How lucky would we all be if this was our biggest problem?

Not anymore. US congress and senate is now subject to a new law just passed that addresses the exposure.

actually...no...they rubber stamped a toothless tiger piece of legislation that is so easy to get around...it is laughable. Business as usual. Never believe the American political hype...it is all about the Benjamin s Baby!

[mayday49]

almost jocular guys

[MaiChai]

Maybe Thailand is in danger of becoming a 'hub of terrorism'? Hence why its got on the list?

[pointoffew]

The headline and story are not correct. Thailand is NOT on the blacklist, only Iran and North Korea are, but on another list, known as the grey list.

Perhaps so, although being lumped into the same category as Nigeria will bring unwanted scrutiny to financial transactions to / from Thailand.

Unwanted, excessive scrutiny is already hampering our business, here in Th. We have had corporate PayPal and Moneybookers accounts blocked without prior warning - at least in one case in violation with their own terms and conditions.

The ridiculous obstacles seemingly randomly imposed by PayPal and Moneybookers - apparently because of Thailand's status as a safe haven for money laundering and the financing of terrorism - seriously hurts our import and export business. Because we exclusively sell and provide services online, we can operate our business virtually anywhere on the globe and we may soon be forced to move elsewhere.

[phiah]

who´s laundering is more interesting to me.............

[wlcart]

I am not a criminal but a person who enjoys freedom and liberty. Personally I do not need or want the Thai government to get all ninja on financial transactions and track my data like a dog on a scent. I think the West is way too intrusive in this manner.

Edited February 17, 2012 by wlcart

[Boater]

this would have a huge impact on Thailand, most if all money brought in from the eastern bloc is being cleaned !, sold a house once and they paid 30 million THB in 500 Euro notes, bank didnt even ask any questions !,

if they do crack down, you will see alot of these people leave, as well as the Costa Del sol lot whom have made thier home here, as it is so easy to launder money

ah well