Thailand Feels The Pinch With Threat Of Blacklist Looming

[Rancid]

Yes, quite an irony, the IMF which is a banker organisation, run by bankers and their shills for and on behalf of the banks wants controls on the flow of international money, or should we really say want to impose controls on governments. And of course who are the ones doing most of the financing and transfers for terrorrists, well lo and behold it is the bankers. What a surprise, the IMF are joke, look at the mess the made in Asia before with that banker lapdog Timmy Geitner, generally whatever they suggest, doing the opposite is better policy.

[silverhawk_usa]

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)

If you are transferring amounts of $10,000 or more it is automatically reported by your bank. If you physically carry the money out of the U.S. yourself, you must report it. As another poster stated, their is nothing illegal about it as long as it is reported. if you are doing nothing illegal with your money, you have nothing to worry about. That said, transferring amounts repeatedly just under the the $10,000 limit to avoid the reporting is called "structuring" and can deemed a violation of the reporting law. This would also be unlikely unless it was shown it was for illegal purposes. Just go about your legitimate business and transfers and don't worry about it.

As for the automatic U.S. slamming posts; do a search on the FATF. It is an international group consisting of many member countries, the current president is from Norway.

"Over 180 jurisdictions around the world have commited to the FATF Recommendations through the global network of FSRBs and FATF memberships."

Edited October 7, 2012 by silverhawk_usa

[geriatrickid]

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..

The FATF is an international policy-making body. It does not take a role in law enforcement matters, investigations or prosecutions

The issue here is diectly related to the integrity of the Thai banking system and there can be serious ramifications.

FATF states as follows;

The integrity of the banking and financial services marketplace depends heavily on the perception that it functions within a framework of high legal, professional and ethical standards. A reputation for integrity is the one of the most valuable assets of a financial institution.

If funds from criminal activity can be easily processed through a particular institution – either because its employees or directors have been bribed or because the institution turns a blind eye to the criminal nature of such funds – the institution could be drawn into active complicity with criminals and become part of the criminal network itself. Evidence of such complicity will have a damaging effect on the attitudes of other financial intermediaries and of regulatory authorities, as well as ordinary customers.

The possible social and political costs of money laundering, if left unchecked or dealt with ineffectively, are serious. Organised crime can infiltrate financial institutions, acquire control of large sectors of the economy through investment, or offer bribes to public officials and indeed governments.

The economic and political influence of criminal organisations can weaken the social fabric, collective ethical standards, and ultimately the democratic institutions of society. In countries transitioning to democratic systems, this criminal influence can undermine the transition. Most fundamentally, money laundering is inextricably linked to the underlying criminal activity that generated it. Laundering enables criminal activity to continue.

I think anyone with a bit of experience in Thailand will immediately see why Thailand has been slow in responding. The issue here is about corruption.

[geriatrickid]

FATF's entry for Thailand should be read;

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 continue to work on implementing its action plan to address the remaining deficiencies, including by: (1) adequately criminalising terrorist financing; (2) establishing and implementing adequate procedures to identify and freeze terrorist assets; and (3) further strengthening AML/CFT supervision. The FATF encourages Thailand to address its remaining deficiencies and continue the process of implementing its action plan, specifically enacting its draft CFT legislation.

Basically, this isn't about foreigners dictating policy, but is a position that deals with the fact that Thailand is preceived to have been been and continues to be, a hub for organized crime and terrorist financial transactions. It extends to the funding of the southern insurgenets and would even impact how some of the Thai political parties have financed some of their activities. In simple language, it means transparency.

[davejones]

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!

You are very naive if you believe that.

[rubl]

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.

Well, you know, it's like this somehow:

2012-07-03

"After its recent revision by Parliament, the Joint Private Standing Committee has expressed deep concern over the vagueness and weakening of the draft of the anti-money-laundering law aimed at countering terrorism, which it says will be unacceptable internationally because of problems over effective enforcement."

http://www.nationmul...e-30185368.html

Mind you, the other newspaper mentioned on the 4th this month that the AMLO hoped to have its latest version of the anti-money laundering bill passed into law by the end of the year with the change likely to come into effect in February next year.

And remember, this government has a few committees on corruption and it's various aspects with head honcho our ever smiling PM Yingluck

[geriatrickid]

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.

This statement from FATF may be of interest to you;

As with the damaged integrity of an individual financial institution, there is a damping effect on foreign direct investment when a country’s commercial and financial sectors are perceived to be subject to the control and influence of organised crime. Fighting money laundering and terrorist financing is therefore a part of creating a business friendly environment which is a precondition for lasting economic development.

Public companies are now subject to stricter corporate governance and can open themselves up to litigation from both regulators and shareholders if they invest in samctioned countries. Need an example? Look at the expense many western companies faced when they continued to transact with Myanmar. That expense was sufficient to encourage many to divest from the country. If you were Ford or HP or Honda, trying to fund a new factory or infrastructure in Thailand. the investment might then become too much of a hassle. Thailand wants and needs foreign investment.

Transferring funds even for the "little" people might become an onerous transaction with additional paper work required and the imposition of new fees to pay for the heightened surveillance. Financial institutions and systems that are considered higher risk usually demonstrate a higher cost of borrowing. This might mean an increaed rate of interest on an aircraft hull lease, or other large equipment purchase. The change in risk assessment may also translate into exclusion from preferred foreign government financing for large infrastructure projects. The governments of Japan and to a lesser extent Germany, were big funders of the Bangkok subway. Governmental policy might preclude similar generous financing in the future. If Thailand is then forced to finance such projects using internal sources, the cost of borrowing would be forced up for Thai general consumers.

[omnilangur]

yaaaay, so that means deadbeat losers like me NEVER will get blacklisted here?? Yippeee Kai Yaaa Motha F***********

[fredthedog]

new boy on here......comimn to phuket on thursday to move 30,000 pounds from my saving account to my UKaccount. hoping to be able to do this electronicaly whilst in the bank.....anyone know about this and will i be seen as a "launderer".......

[fredthedog]

help.....i need to move 30000 pounds from phuket to UK........how can i do it and before any one asks...it is my cash...

[rakman]

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.

I thought it was USD $5,000, but it's actually USD $ 3,000!

http://www.ehow.com/list_6038294_wire-transfer-reporting-requirements.html

Even terrorists can get around that. It's silly.. but that's also why the US Government has a huge contract with Google. The Google search engine is what is needed to build profiles, which is easier when one has huge quantities of data.

[Pimay1]

Would anyone happen to know if HSBC Singapore would report a greater than $10k transfer into Thailand to the IRS if the person doing the transfer is a US citizen?

Edited October 7, 2012 by Pimay1

[jerrysteve]

The key words here in this whole article is Thailand has made ONGOING ATTEMPTS.

To why haven't the "ATTEMPTS" been successful?

That means they have done absolutley NOTHING.

and Having the IMF which is about as corrupt as a broke dick dirty one legged dog is a joke all by itself.

Edited October 7, 2012 by jerrysteve

[jaltsc]

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

Now that's a brand new concept for Thailand. Actually enforcing the laws. Wonder why they never thought of that before .

[jcw]

So you mean it may be as hard to gt money INTO Thailand as it currently is to Get it OUT of Thailand?

Heavens forbid

[Soutpeel]

Would anyone happen to know if HSBC Singapore would report a greater than $10k transfer into Thailand to the IRS if the person doing the transfer is a US citizen?

One suspects so...the transction will be flagged, where the information goes after that who knows ?, somebody on this thread has already stated there is a report which goes to the US IRS for US citizens

[silverhawk_usa]

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.

I thought it was USD $5,000, but it's actually USD $ 3,000!

http://www.ehow.com/...quirements.html

Even terrorists can get around that. It's silly.. but that's also why the US Government has a huge contract with Google. The Google search engine is what is needed to build profiles, which is easier when one has huge quantities of data.

The link above states that the bank must keep records of transfers of $3,000+. However, when the $10,000 threshold is reached, a Currency Transaction Report (CTR) must be completed and SUBMITTED to the government. This applies to something as innocuous as selling a car or other item, and depositing an amount of $10k (cash) or more into you bank account.

"A currency transaction report (CTR) is a report that U.S. financial institutions are required to file for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through, or to the financial institution which involves a transaction in currency of more than $10,000. Used in this context, currency means the coin and/or paper money of any country that is designated as legal tender by the country of issuance. Currency also includes U.S. silver certificates, U.S. notes, Federal Reserve notes and official foreign bank notes."

http://en.wikipedia.org/wiki/Currency_transaction_report

[TheGhostWithin]

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.

Or more likely transported via diplomatic pouches. It is afterall the current government paying homage, and taking orders openly from a wanted fugitive found guilty by the courts of serious crimes against the very people he was elected to protect from crimes such as which he was found to have committed, and for which accusations are still pending.