Thailand Feels The Pinch With Threat Of Blacklist Looming

[Lite Beer]

Thailand feels the pinch with threat of blacklist looming

BANGKOK, Oct 7 - Thai Justice Minister Pracha Promnok admitted today that Thailand needs to urgently issue two pieces of legislation to combat money laundering and financing of terrorism.

The Financial Action Task Force (FATF) put Thailand on its list of "high risk" countries last February over Thailand's inability to enact additional money laundering laws to counter terrorist financing. Countries with a high risk status could face sanctions from the international community.

Pol Gen Pracha said there is an urgent need to enforce the laws as the negative impact on Thailand has intensified.

He said he recently informed the International Monetary Fund (IMF) of Thailand’s willingness to comply with the FATF’s policies though the laws involving anti-money laundering and the counter-financing of terrorism (AML/CFT) will not be enforced by next February.

The IMF was asked to help Thailand by explaining to the FATF of the country’s ongoing attempts to follow the policies, he said.

The justice ministry said the Thai embassy in Washington, DC recently reported to Bangkok that a cheque was rejected by commercial banks in the US capital.

This is a bad sign and we have to speed up efforts to remove Thailand from the list, he said. (MCOT online news)

-- TNA 2012-10-07

[JetsetBkk]

Oh, it's about money. I thought it might be about murdered foreigners and tourism.

[TomTao]

Perhaps someone in the forum who moves in financial circles could inform us what would happen if Thailand was blacklisted. How would it affect those of us who receive money from overseas on a monthly basis, and how would it affect those who transfer money in on a regular basis, and how would it affect international trade?

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[nputman]

Perhaps someone in the forum who moves in financial circles could inform us what would happen if Thailand was blacklisted. How would it affect those of us who receive money from overseas on a monthly basis, and how would it affect those who transfer money in on a regular basis, and how would it affect international trade?

Sent from my GT-I9003 using Thaivisa Connect App

From restrictions on International business transactions and trade agreements to the extremes of suspension of Diplomatic Relations and everything in between.

Very complex critter.

Unless large sums transferred to here there shouldn't be much a problem.......................One can hope at least.

[Soutpeel]

Unless large sums transferred to here there shouldn't be much a problem.......................One can hope at least.

I wouldnt count on that if black listed...if it does come about, be prepared to be scrutinized on both ends...

Do you think any self respecting/competant terrorist is going to shift large sums of money...

[PattayaPhom]

Couttes and HSBC spring to mind lately.........

[tomross46]

Does the financing of Red Shirt freedeom fighters, from Dubai count?

[Pimay1]

Does the financing of Red Shirt freedeom fighters, from Dubai count?

That funding will probably be flown in inside a suite case by one of the trusted ones. After all monthly trips are happening to Dubai.

[dcutman]

If there was some way of making some extra pocket money with this issue, it would be solved. Without the incentive of getting something (money) out of it nothing gets done with this government.

[davejones]

Unless large sums transferred to here there shouldn't be much a problem.......................One can hope at least.

I wouldnt count on that if black listed...if it does come about, be prepared to be scrutinized on both ends...

Do you think any self respecting/competant terrorist is going to shift large sums of money...

Even if Thailand was blacklisted it wouldn't affect individuals such as expats here who transfer money to live. It's ridiculous to suggest that it would. There are plenty of blacklisted countries that you can transfer money to. Some people need to get a bit of perspective on things.

[nputman]

Unless large sums transferred to here there shouldn't be much a problem.......................One can hope at least.

I wouldnt count on that if black listed...if it does come about, be prepared to be scrutinized on both ends...

Do you think any self respecting/competant terrorist is going to shift large sums of money...

Some are not to smart

Underlying more so on catching people avoiding taxes from the USA standpoint.

Anything over 10K USD the banks are required to report it to the IRS.

I think they may have lowed that amount.

[Soutpeel]

Unless large sums transferred to here there shouldn't be much a problem.......................One can hope at least.

I wouldnt count on that if black listed...if it does come about, be prepared to be scrutinized on both ends...

Do you think any self respecting/competant terrorist is going to shift large sums of money...

There are plenty of blacklisted countries that you can transfer money to. Some people need to get a bit of perspective on things.

Like which countries ?...no one said you couldnt, just that expect authrorities will be scrutinising these transfers a lot closer, it has nothing to do with the amount

[Soutpeel]

Anything over 10K USD the banks are required to report it to the IRS.

Only if you are American, although the US thinks it's laws apply to every world citizen... they dont..

[scorecard]

Does the financing of Red Shirt freedeom fighters, from Dubai count?

That funding will probably be flown in inside a suite case by one of the trusted ones. After all monthly trips are happening to Dubai.

Your assuming that all the money is actually held in Dubai.

Seems obvious to me that there would be very large hourds of cash / instruments converatable to cash etc., all over the globe, some in first world countries and some in blood diamond mines.

Although there are all sorts of specific structured international processes to move money around, they surely must also be all sorts of unstructured (read scaly) methods and I have no doubt the man in question and his minions are masters at these 'methods'.

[Kilgore Trout]

It wouldn't surprise me if the agency investigating are benefitting from the corruption; its like asking the sheep to go and deal with the wolves; not going to happen

[Scott]

Unless the Red Shirts have been declared an international terrorist organization, I would guess that funding for them would be of little concern to agencies like the IMF.

[AleG]

Thai Justice Minister Pracha Promnok admitted today that Thailand needs to urgently issue two pieces of legislation to combat money laundering and financing of terrorism.

I think the process will be like this:

Step 1> See if doing so would interfere or jeopardize with the lifestyles of People of Influence.

Step 2> (about 5 seconds after Step 1) Realize that Step 1 is affirmative.

Step 3> Do nothing, look busy and wait for the thing to just go away or becomes someone else's problem.

[fareastguy]

The IMF was asked to help Thailand by explaining to the FATF of the country’s ongoing attempts to follow the policies, he said.

Thailand's excuse of, Well we've been a bit preoccupied with getting Mr.T back in the country, a bit busy making sure the rice pledging scheme is helping all the middle men & Ohh yes that the flood prevention fund has reached all the right pockets.

In other words.. could you help us come up with a little "white lie" as to why we haven't done a thing since receiving a warning back in February.

[monty1412]

Thai Justice Minister Pracha Promnok admitted today that Thailand needs to urgently issue two pieces of legislation to combat money laundering and financing of terrorism.

I think the process will be like this:

Step 1> See if doing so would interfere or jeopardize with the lifestyles of People of Influence.

Step 2> (about 5 seconds after Step 1) Realize that Step 1 is affirmative.

Step 3> Do nothing, look busy and wait for the thing to just go away or becomes someone else's problem.

Aleg, you just about got it correct.. do you mind if I add in a few Steps

Step 1> See if doing so would interfere or jeopardize with the lifestyles of People of Influence.

Step 2> (about 5 seconds after Step 1) Realize that Step 1 is affirmative.

Step 3> Do nothing, look busy and wait for the thing to just go away or becomes someone else's problem.

Step 4> Announce that Thailand is the hub of money anti- laundering.. maybe a good time to do this when floods are high.. an announcement of this importance is sure to bring cheer to those whose houses and fields are under water.

Step 5> Similiar to Step 1.. see if doing so would benefit anyone of Peoples of Influence

Step 6> If affirmative then proceed ahead with task force to look at how compliance could be achieved...

Step 7> Wait until new government elected and the declare that the reason Thailand isn't compliant is that the new government hasn't taken it on board .

of course what happens when they pass this legislation and its revealed their has been ongoing trade with Iran despite the ban.. ever wonder where the rice goes ??????

[asiawatcher]

The key issue is the Justice Minister said he cannot comply by February!!! It is not a matter of cannot in my opinion, most likely 'will' until he seeks advices from the puppet master

As for how money moves, banks are obligated to report any amounts of USD10,000, same as international flights in and out - currencies must be reported at customs, they just want to know - it is not 'illegal' to bring in USD100,000, you just have to declare over 10k., banks are a push button method, B2B, B2C, C2B, no issue apart from paper. Also the amounts from accounts are a cyber button, not some person dragging a suitcase across the line stuffed with folding. Send and receive is no longer than email - and all the BS about waiting for funds to clear - no way. On a written cheque maybe (but they can clear that instantly at department stores so why does a bank need days?) Just banks playing the short term money market with your funds.

As for other easier methods, if they want to 'launder' money there are many ways that do not even get looked at. And these alternatives are known and used by CIA as a primary mover, as well as underground systems, bank cash in HK today and have someone give you the amount less a fee in Bangkok within an hour. Very easy. Laundering huge cash ripoffs within the country - look around at the highrises still going up and look at the owners of the properties? They don't give a hoot if they stay empty. Money is cleaned and standing 'tall', not questioned and approvals paid for all the way down the line. Better than a bank and in bricks and mortar for future sale with appreciation. They just have to wait. And this is only one place... Thailand - Land of Smiles Scams.

[Jaivin2011]

Thaialdn along with the est of countries in Asia should stop dancing to the tunes of the US and also Europe. Why the need to adhere to their policies. If they wish to impose sanctions, retaliate back. If countries like China, India, Japan, Kore and the rest of Asia group together effectively, we do not need these US and European Economies anymore which are already of the verge of dying!

[Imkah]

Thai Justice Minister Pracha Promnok admitted today that Thailand needs to urgently issue two pieces of legislation to combat money laundering and financing of terrorism.

I think the process will be like this:

Step 1> See if doing so would interfere or jeopardize with the lifestyles of People of Influence.

Step 2> (about 5 seconds after Step 1) Realize that Step 1 is affirmative.

Step 3> Do nothing, look busy and wait for the thing to just go away or becomes someone else's problem.

Right on spot, I'm afraid but there is a chance the following will happen: People of a wee bit lesser influence than say good ol' square face, - generals, dope-dealers, lesser politicians etc. - also need to keep some commodities and cash moving outside LOS, and these people will absolutely be harmeded by a black list. Add the upper middle class, and you will have a small but fairly influential group advocating pro legislation.

On the other hand; I have been known to both over - and under-estimate the possible directions of politcs in this country. Coming to think of it: I'm always wrong.

[Imkah]

Thaialdn along with the est of countries in Asia should stop dancing to the tunes of the US and also Europe. Why the need to adhere to their policies. If they wish to impose sanctions, retaliate back. If countries like China, India, Japan, Kore and the rest of Asia group together effectively, we do not need these US and European Economies anymore which are already of the verge of dying!

I absolutely agree that Thailand should not dance to any but their own tunes. But this is about controlling a.o. whitewashing of illgotten means. Which means a stricter control on money stolen from the people of Thailand. Can this be wrong?

[Noistar]

The IMF was asked to help Thailand by explaining to the FATF of the country’s ongoing attempts to follow the policies, he said.

Thailand's excuse of, Well we've been a bit preoccupied with getting Mr.T back in the country, a bit busy making sure the rice pledging scheme is helping all the middle men & Ohh yes that the flood prevention fund has reached all the right pockets.

In other words.. could you help us come up with a little "white lie" as to why we haven't done a thing since receiving a warning back in February.

Sounds like a job for another sub-committee.

[hellodolly]

Unless large sums transferred to here there shouldn't be much a problem.......................One can hope at least.

I wouldnt count on that if black listed...if it does come about, be prepared to be scrutinized on both ends...

Do you think any self respecting/competant terrorist is going to shift large sums of money...

Even if Thailand was blacklisted it wouldn't affect individuals such as expats here who transfer money to live. It's ridiculous to suggest that it would. There are plenty of blacklisted countries that you can transfer money to. Some people need to get a bit of perspective on things.

Well that was the question asked. We don't all have the perspective you have. Many of us have just heard of money laundering and do not know to what extent it can g.

For myself I once a month go to the bank use my visa cad to get enough for the month. Go home and transfer the money from my savings account into my Visa count and am done with it for the month. I feel that will not be affected.

[Thai at Heart]

Thaialdn along with the est of countries in Asia should stop dancing to the tunes of the US and also Europe. Why the need to adhere to their policies. If they wish to impose sanctions, retaliate back. If countries like China, India, Japan, Kore and the rest of Asia group together effectively, we do not need these US and European Economies anymore which are already of the verge of dying!

I absolutely agree that Thailand should not dance to any but their own tunes. But this is about controlling a.o. whitewashing of illgotten means. Which means a stricter control on money stolen from the people of Thailand. Can this be wrong?

Well, its a nice idea, but usd trading is the way of the world. Want to trade and price in usd, they make the rules.

[ChristianBlessing]

I was living in a former Soviet block nation about 10 years ago when the same situation arose. Two of the most prominent banks were closed without notice, causing serious, although, presumably temporary, financial disasters to both large and small account holders. A number of large construction projects were stalled or aborted. And the casual money changers virtually disappeared. Though not likely to affect most folks here, the reverberations can be significant.

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[watcharacters]

It wouldn't surprise me if the agency investigating are benefitting from the corruption; its like asking the sheep to go and deal with the wolves; not going to happen

i wonder who's really behind this.

[Renbe]

IMF: Trust us, we're bankers

[Noistar]

Unless large sums transferred to here there shouldn't be much a problem.......................One can hope at least.

I wouldnt count on that if black listed...if it does come about, be prepared to be scrutinized on both ends...

Do you think any self respecting/competant terrorist is going to shift large sums of money...

Even if Thailand was blacklisted it wouldn't affect individuals such as expats here who transfer money to live. It's ridiculous to suggest that it would. There are plenty of blacklisted countries that you can transfer money to. Some people need to get a bit of perspective on things.

Well that was the question asked. We don't all have the perspective you have. Many of us have just heard of money laundering and do not know to what extent it can g.

For myself I once a month go to the bank use my visa cad to get enough for the month. Go home and transfer the money from my savings account into my Visa count and am done with it for the month. I feel that will not be affected.

I believe I was told by Kasikorn that the limit was $20,000 in one go. But they advised me to do any larger transactions as several smaller ones under the limit.

My point is Kasikorn's advice, rather than the amount (which I may be mistaken about)