webfact Posted May 4, 2012 Share Posted May 4, 2012 MONEY LAUNDERING Govt pushed for laws on money laundering Sucheera Pinijparakarn The Nation Business groups demand action before February 2013 to get Kingdom off 'Dark Grey List' BANGKOK: -- Key business organisations are pressuring the government to promulgate new anti-money-laundering laws by next February so Thailand can be quickly removed from an international "Dark Grey List", which has had negative repercussions for the economy. Twatchai Yongkittikul, secretary general of the Thai Bankers Association, told a news conference yesterday that since the Financial Action Task Force on Money Laundering (FATF) put Thailand on the list in February this year because of the lack of such laws, the Thai business sector had experienced negative consequences. The FATF is responsible for setting the global standards combating money-laundering and the financing of terrorism. Since the move by the task force a few months ago, some financial institutions overseas have avoided transactions with their Thai counterparts. Some institutions have pressed for more information on transactions originated by Thai banks. Exporters' clients have pondered whether they should transfer money to Thailand for trade settlements. Twatchai envisaged that should the country remain on the list after February 2013, one of the negative consequences could fall on Thai individuals, who may be unable to use credit cards overseas. While pressure regarding this issue was originated by financial institutions in Europe, he foresees it spreading to other parts of the world. Institutions have to take into account risks - or higher costs - associated with transactions with Thai banks. That explains why some institutions have decided to suspend transactions with Thailand, he added. "Thai businesses have started feeling the pinch, and the consequences will remain until Thailand shows progress in the enforcement of anti-money-laundering laws. We're hopeful that the laws will be promulgated by January, ahead of the annual review of the FATF's International Cooperation Review Group in February," said Twatchai, who is chairman of a working committee of business organisations. Pushing for government action are several key organisations including the Board of Trade, the Federation of Thai Industries and the Federation of Capital Market Associations. In February, the FATF put Thailand on its Dark Grey List because of the country's failure to enact more anti-money-laundering laws aimed at countering terrorism. Thailand was one of five countries added to the list, along with Indonesia, Pakistan, Ghana and Tanzania. Thailand was on the Grey List in 2010 and the subsequent failure to follow up on enacting new laws countering terrorism financing and money-laundering led to the FATF's latest decision to downgrade the country. According to Twatchai, the Anti-Money Laundering Office has completed a new draft law complying with the standards of the International Monetary Fund and the FATF. Of the nine steps towards become law, the draft has completed the fourth step, he said. He expects the Cabinet to endorse the draft by June, and the Council of State should spend another months or two scrutinising it. Then it will be up to the parliamentary vetting process, which if dragged out for political benefit will worsen the impact on the economy, he said. "Thai banks stand ready to confiscate and suspend suspicious transactions, but that is not legally supported. Fast actions are required by the FATF, but this needs a supporting law," Twatchai said. He added that the private sector would this month seek a discussion with Prime Minister Yingluck Shinawatra on the issue. "I hope that all parties will lend a hand and that Thailand will be pulled out of the list within a year," he said. -- The Nation 2012-05-05 Link to comment Share on other sites More sharing options...
DGS1244 Posted May 5, 2012 Share Posted May 5, 2012 This could be interesting, are they going to start looking at all the empty property around that was bought with 'hidden' money?. There could be a lot of powerfull people who will wonder if they will loose a house or two. Link to comment Share on other sites More sharing options...
MILT Posted May 5, 2012 Share Posted May 5, 2012 First step is to get it written, reviewed, and filed. Second step will to en-farce it. Link to comment Share on other sites More sharing options...
OzMick Posted May 5, 2012 Share Posted May 5, 2012 They already have a law - "No tickee, no washee!" Link to comment Share on other sites More sharing options...
bigbamboo Posted May 5, 2012 Share Posted May 5, 2012 (edited) So now we have dark grey to add to the wide spectrum in the Land of Smiles.....oh, and the miracles of course. Thailand is truly the hub of colours. Edited May 5, 2012 by bigbamboo Link to comment Share on other sites More sharing options...
rotary Posted May 5, 2012 Share Posted May 5, 2012 (edited) Some banks in the middle east already will not make transfers to Thailand. I just had a "round" with my bank over it, Edited May 5, 2012 by rotary Link to comment Share on other sites More sharing options...
AleG Posted May 5, 2012 Share Posted May 5, 2012 A Shinawatra government going against money laundering? Ha! That's a good one! 2 Link to comment Share on other sites More sharing options...
TheCure Posted May 5, 2012 Share Posted May 5, 2012 The Thai economy is built and thrives on corruption. The by-product of corruption is dirty money. Money laundering is what the Thai Hi-so's are doing on a daily basis. Just walk into any Thai bank branch and watch for your self the number of people depositins several millions THB in cash with no questions asked. Link to comment Share on other sites More sharing options...
GentlemanJim Posted May 5, 2012 Share Posted May 5, 2012 The thread title is funny Thai Govt Pushed For Laws On Money Laundering I thought....Mmmmmm! true to form, they want to legalise it now Link to comment Share on other sites More sharing options...
PoodMaiDai Posted May 6, 2012 Share Posted May 6, 2012 LOLOL hahahahaha Yea, right. Link to comment Share on other sites More sharing options...
dundee48 Posted May 6, 2012 Share Posted May 6, 2012 Twatchai. Link to comment Share on other sites More sharing options...
JVichitt Posted May 6, 2012 Share Posted May 6, 2012 The Thai economy is built and thrives on corruption. The by-product of corruption is dirty money. Money laundering is what the Thai Hi-so's are doing on a daily basis. Just walk into any Thai bank branch and watch for your self the number of people depositins several millions THB in cash with no questions asked. Cash deposits aren't necessarily fraudulent. It's not the bank's business to ask where the money comes from. It's the duty of the person depositing the money to pay proper taxes, or suffer the wrath of ruthless auditors. People who really launder money keep it out of Thai banks. They convert it into foreign currency at independent exchangers and carry it to banks in Hong Kong and Singapore where the IRS can't touch it. Depositing dirty money is usually a bad idea, even the Shinawatra family got burned this way. instead the money is neatly kept in home vaults in huge stacks of cash, USD, or gold. Link to comment Share on other sites More sharing options...
yoshiwara Posted May 6, 2012 Share Posted May 6, 2012 This is indeed a tricky issue for the Thai government as their precise focus at the moment is on white-washing Thaksin's money-laundering convictions in order to bring him back to Thailand. Good luck with that! 1 Link to comment Share on other sites More sharing options...
Skywalker69 Posted May 6, 2012 Share Posted May 6, 2012 This is indeed a tricky issue for the Thai government as their precise focus at the moment is on white-washing Thaksin's money-laundering convictions in order to bring him back to Thailand. Good luck with that! Good one. Link to comment Share on other sites More sharing options...
TheCure Posted May 6, 2012 Share Posted May 6, 2012 The Thai economy is built and thrives on corruption. The by-product of corruption is dirty money. Money laundering is what the Thai Hi-so's are doing on a daily basis. Just walk into any Thai bank branch and watch for your self the number of people depositins several millions THB in cash with no questions asked. Cash deposits aren't necessarily fraudulent. It's not the bank's business to ask where the money comes from. It's the duty of the person depositing the money to pay proper taxes, or suffer the wrath of ruthless auditors. People who really launder money keep it out of Thai banks. They convert it into foreign currency at independent exchangers and carry it to banks in Hong Kong and Singapore where the IRS can't touch it. Depositing dirty money is usually a bad idea, even the Shinawatra family got burned this way. instead the money is neatly kept in home vaults in huge stacks of cash, USD, or gold. Plain rubbish . Alll banks are duty bound to to act and report if they have a simple suspicion that a transaction could be linked to money laundering. Link to comment Share on other sites More sharing options...
hellodolly Posted May 6, 2012 Share Posted May 6, 2012 The thread title is funny Thai Govt Pushed For Laws On Money Laundering I thought....Mmmmmm! true to form, they want to legalise it now I thought they wanted to look in to it and see if there was better ways to launder there money I guess filling up closets at home is going out of style. Link to comment Share on other sites More sharing options...
h90 Posted May 6, 2012 Share Posted May 6, 2012 The Thai economy is built and thrives on corruption. The by-product of corruption is dirty money. Money laundering is what the Thai Hi-so's are doing on a daily basis. Just walk into any Thai bank branch and watch for your self the number of people depositins several millions THB in cash with no questions asked. Cash deposits aren't necessarily fraudulent. It's not the bank's business to ask where the money comes from. It's the duty of the person depositing the money to pay proper taxes, or suffer the wrath of ruthless auditors. People who really launder money keep it out of Thai banks. They convert it into foreign currency at independent exchangers and carry it to banks in Hong Kong and Singapore where the IRS can't touch it. Depositing dirty money is usually a bad idea, even the Shinawatra family got burned this way. instead the money is neatly kept in home vaults in huge stacks of cash, USD, or gold. Plain rubbish . Alll banks are duty bound to to act and report if they have a simple suspicion that a transaction could be linked to money laundering. there are nice European banks where minister pay in a million or two (Euro) in cash on a private account on a Sunday (bank extra opens) and there are no suspicions. All the money transfers if you deal with Myanmar exports are made from Singapore....no suspicion. And in Thailand if say Thaksins wife (or someone bigbig) pay something in, do you think there are any suspicions?? 1 Link to comment Share on other sites More sharing options...
h90 Posted May 6, 2012 Share Posted May 6, 2012 The thread title is funny Thai Govt Pushed For Laws On Money Laundering I thought....Mmmmmm! true to form, they want to legalise it now I thought they wanted to look in to it and see if there was better ways to launder there money I guess filling up closets at home is going out of style. No, you are wrong again! a) They don't want to stock too many Euros and with any other currency the closets get too small, now with their big projects. (Euro has the 500 Euro bill). They don't want OTHERS to laundry money, so they tune a "we alone" laundry law, or at least they get some % of it. Or can you imagine Thaksins wife get a problem if she travels with 27 suitcases full of money to Singapore?. Link to comment Share on other sites More sharing options...
hellodolly Posted May 6, 2012 Share Posted May 6, 2012 (edited) The Thai economy is built and thrives on corruption. The by-product of corruption is dirty money. Money laundering is what the Thai Hi-so's are doing on a daily basis. Just walk into any Thai bank branch and watch for your self the number of people depositins several millions THB in cash with no questions asked. Cash deposits aren't necessarily fraudulent. It's not the bank's business to ask where the money comes from. It's the duty of the person depositing the money to pay proper taxes, or suffer the wrath of ruthless auditors. People who really launder money keep it out of Thai banks. They convert it into foreign currency at independent exchangers and carry it to banks in Hong Kong and Singapore where the IRS can't touch it. Depositing dirty money is usually a bad idea, even the Shinawatra family got burned this way. instead the money is neatly kept in home vaults in huge stacks of cash, USD, or gold. Plain rubbish . Alll banks are duty bound to to act and report if they have a simple suspicion that a transaction could be linked to money laundering. In the states and Canada if you deposit over $10,000 The government is notified. I think it is the income tax people. Not sure what peoples experience with various banks are but the ones I have dealt with seem ill equipt to differentiate between legal and laundered money. Edited May 6, 2012 by hellodolly Link to comment Share on other sites More sharing options...
bigbamboo Posted May 6, 2012 Share Posted May 6, 2012 The Thai economy is built and thrives on corruption. The by-product of corruption is dirty money. Money laundering is what the Thai Hi-so's are doing on a daily basis. Just walk into any Thai bank branch and watch for your self the number of people depositins several millions THB in cash with no questions asked. Cash deposits aren't necessarily fraudulent. It's not the bank's business to ask where the money comes from. It's the duty of the person depositing the money to pay proper taxes, or suffer the wrath of ruthless auditors. People who really launder money keep it out of Thai banks. They convert it into foreign currency at independent exchangers and carry it to banks in Hong Kong and Singapore where the IRS can't touch it. Depositing dirty money is usually a bad idea, even the Shinawatra family got burned this way. instead the money is neatly kept in home vaults in huge stacks of cash, USD, or gold. Plain rubbish . Alll banks are duty bound to to act and report if they have a simple suspicion that a transaction could be linked to money laundering. there are nice European banks where minister pay in a million or two (Euro) in cash on a private account on a Sunday (bank extra opens) and there are no suspicions. All the money transfers if you deal with Myanmar exports are made from Singapore....no suspicion. And in Thailand if say Thaksins wife (or someone bigbig) pay something in, do you think there are any suspicions?? Singapore is the Switzerland of Asia..... a very fussy nation, except when it comes to the source of money. Link to comment Share on other sites More sharing options...
TheCure Posted May 6, 2012 Share Posted May 6, 2012 The Thai economy is built and thrives on corruption. The by-product of corruption is dirty money. Money laundering is what the Thai Hi-so's are doing on a daily basis. Just walk into any Thai bank branch and watch for your self the number of people depositins several millions THB in cash with no questions asked. Cash deposits aren't necessarily fraudulent. It's not the bank's business to ask where the money comes from. It's the duty of the person depositing the money to pay proper taxes, or suffer the wrath of ruthless auditors. People who really launder money keep it out of Thai banks. They convert it into foreign currency at independent exchangers and carry it to banks in Hong Kong and Singapore where the IRS can't touch it. Depositing dirty money is usually a bad idea, even the Shinawatra family got burned this way. instead the money is neatly kept in home vaults in huge stacks of cash, USD, or gold. Plain rubbish . Alll banks are duty bound to to act and report if they have a simple suspicion that a transaction could be linked to money laundering. there are nice European banks where minister pay in a million or two (Euro) in cash on a private account on a Sunday (bank extra opens) and there are no suspicions. All the money transfers if you deal with Myanmar exports are made from Singapore....no suspicion. And in Thailand if say Thaksins wife (or someone bigbig) pay something in, do you think there are any suspicions?? I am so fed up with Thai apologists who have their heads so much up their <deleted> ... Link to comment Share on other sites More sharing options...
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