Amlo ' Helpless' About Foreign Banks Refusing Transactions

[Lite Beer]

AMLO 'helpless' about foreign banks refusing transactions

Piyanuch Thamnukasetchai

The Nation on Sunday

BANGKOK: -- The Anti-Money Laundering Office (AMLO) could do nothing about foreign banks' refusal to conduct financial transactions with Thai banks, AMLO chief Seehanat Prayoonrat admitted yesterday.

He was commenting about Thailand being on a watch-list of the Financial Action Task Force (FATF) for money-laundering and terrorist financing since February.

But he said the state agency could push for legal measures and improve AMLO's work standard to meet the FATF's international standard.

He said Thailand and AMLO had asked the FATF and International Monetary Fund (IMF) to understand Thailand's intention to get off the watch-list.

The Thai Parliament has just passed new laws against money laundering and terrorist financing, which should take effect in December, while the FATF is due to assess Thailand's position again in February. So, he expected the country's position should improve, as the bills should enable it to get off the international watch-list.

Seehanat was commenting about the US banks refusing to do money transactions for Thai embassy staff in Washington on the grounds that Thailand is on the FATF watch-list.

He said the Thai embassy had informed AMLO that staff could not cash cheques issued by a Thai bank or open a new savings account to put money in because Thailand was on the watch-list.

He explained that opening a new savings account was difficult as banks had to spend more money checking a lot of information so they had refused to open a new account.

So, staff had to deposit the cheque into a personal bank account opened before Thailand was put on the watch-list, he said.

Piyanuch Thamnukasetchai

The Nation on Sunday October 28, 2012 1:00 am

The Anti-Money Laundering Office (AMLO) could do nothing about foreign banks' refusal to conduct financial transactions with Thai banks, AMLO chief Seehanat Prayoonrat admitted yesterday.

He was commenting about Thailand being on a watch-list of the Financial Action Task Force (FATF) for money-laundering and terrorist financing since February.

But he said the state agency could push for legal measures and improve AMLO's work standard to meet the FATF's international standard.

He said Thailand and AMLO had asked the FATF and International Monetary Fund (IMF) to understand Thailand's intention to get off the watch-list.

The Thai Parliament has just passed new laws against money laundering and terrorist financing, which should take effect in December, while the FATF is due to assess Thailand's position again in February. So, he expected the country's position should improve, as the bills should enable it to get off the international watch-list.

Seehanat was commenting about the US banks refusing to do money transactions for Thai embassy staff in Washington on the grounds that Thailand is on the FATF watch-list.

He said the Thai embassy had informed AMLO that staff could not cash cheques issued by a Thai bank or open a new savings account to put money in because Thailand was on the watch-list.

He explained that opening a new savings account was difficult as banks had to spend more money checking a lot of information so they had refused to open a new account.

So, staff had to deposit the cheque into a personal bank account opened before Thailand was put on the watch-list, he said.

-- The Nation 2012-10-28

[lizardtongue]

Welcome to the real world!

Simple enough a problem to resolve just a matter of adhering to the rules, although the recent headlines of the missing/unclaimed millions in Hong Kong will not do much good strengthening the Thai position.

Two words that send alarm bells ringing, 1) Money, 2) Thailand.

[simple1]

Different stokes for different folks. PRC has had US$3.79 trillion of dirty money laundered in the past decade, you don't hear of US banks refusing financial transaction from Chinese nationals. Detail at http://ajw.asahi.com/article/asia/china/AJ201210270016

[jerrysteve]

Rules are made to be Broken. It a coz Thailand can't even enforce their own Laws....

Thats the BIGGEST Laugh of All.

[siampolee]

But he said the state agency could push for legal measures and improve AMLO's work standard to meet the FATF's international standard.

.

That comment in a country with nothing to hide and politicians and an administrative system that was considered both ethical and honest would surely read thus..

But he said the state agency must and would push for legal measures to improve AMLO's work standard so as to meet the FATF's international standard.

So, staff had to deposit the cheque into a personal bank account opened before Thailand was put on the watch-list, he said.

That comment seems to suggest to me anyway that the cheques in question are being third partied, i.e. they are not actually intended for the party that is attempting to cash said cheques.

[Jaivin2011]

If the Thai embassy staff cannot get their cheques cashed, simply close the embassy there and also ensure that no US companies can get their cheques cashed in Thailand too and expel all their citizens and businesses here. Enough is enough.....Asian countries should stop dancing to the tunes of the US or Europe which are already economically dying. Instead a strong Asian Bloc and internal trading is enough plus affliations with other Non European and Non US blocs.Stop letting the US or Europe tell other countries how to run theirs !

[IMA_FARANG]

Different stokes for different folks. PRC has had US$3.79 trillion of dirty money laundered in the past decade, you don't hear of US banks refusing financial transaction from Chinese nationals. Detail at http://ajw.asahi.com.../AJ201210270016

------------------------

So very true.

Everyone in the U.S, "intelligence" network is quite aware of the connection between the Gulf states like Dubai, Qutar, and Bahtain and (illegal or blacklisted) Iranian money.

Iran is blacklisted, and "Iranian" money can't be put into a U.S. bank account.

But should a man from Qutar arrive in a large international bank with a U.S. branch in Washington D.C. with a few hundred million dollars to put into that bank.....not only would they open the account .... but he'd get VIP priority treatment;

But if you're a Thai diplomat....you can't cash a Thai government check there.

Money talks, and the more money there is to talk, the better the bankers hear it.

[siampolee]

If the Thai embassy staff cannot get their cheques cashed, simply close the embassy there and also ensure that no US companies can get their cheques cashed in Thailand too and expel all their citizens and businesses here. Enough is enough.....Asian countries should stop dancing to the tunes of the US or Europe which are already economically dying. Instead a strong Asian Bloc and internal trading is enough plus affliations with other Non European and Non US blocs.Stop letting the US or Europe tell other countries how to run theirs !

Wonderful idea, your xenophobic ideals would cause great damage to the Thai economy, you really are a sad ill informed creature.

i

[MEL1]

I had to read that twice, just to get it.

Ever been reading something and had a feeling of deja-vu?

-mel.

[rubl]

The Anti-Money Laundering Office (AMLO) could do nothing about foreign banks' refusal to conduct financial transactions with Thai banks, AMLO chief Seehanat Prayoonrat admitted yesterday.

I'm a bit confused about this. Why does the AMLO chief 'admits' what I think is 'obvious'? I mean neither the organisation nor the chief has the authority to 'order' foreign banks in foreign countries around as far as I know. Also any 'reporting' (including answering questions) is done according to it's ruling charter, The "Anti-Money Laundering Act B.E. 2542". See section 41 and 47 in this PDF for example.

http://www.anti-mone...3D-5B1724174FBB

[TomTao]

Different stokes for different folks. PRC has had US$3.79 trillion of dirty money laundered in the past decade, you don't hear of US banks refusing financial transaction from Chinese nationals. Detail at http://ajw.asahi.com.../AJ201210270016

Possibly because China is one of America's major trading partners, plus America owes China a whole mountain of dosh, whereas Thailand is only a minor trading partner, a bit like a flea on the back of an elephant.

[ggold]

Different stokes for different folks. PRC has had US$3.79 trillion of dirty money laundered in the past decade, you don't hear of US banks refusing financial transaction from Chinese nationals. Detail at http://ajw.asahi.com.../AJ201210270016

------------------------

So very true.

Everyone in the U.S, "intelligence" network is quite aware of the connection between the Gulf states like Dubai, Qutar, and Bahtain and (illegal or blacklisted) Iranian money.

Iran is blacklisted, and "Iranian" money can't be put into a U.S. bank account.

But should a man from Qutar arrive in a large international bank with a U.S. branch in Washington D.C. with a few hundred million dollars to put into that bank.....not only would they open the account .... but he'd get VIP priority treatment;

But if you're a Thai diplomat....you can't cash a Thai government check there.

Money talks, and the more money there is to talk, the better the bankers hear it.

Indeed, how much of the problem has more to do with Thai Politicians trying to hide their ill gotten gains in foreign banks as opposed to arab countries or terrorists using Thai banks to hide the funds they get? Its is interesting to note that the the FATF have put Thailand on the watch list since December! I wonder if it has anything to do with the current Thai government?

[Thai at Heart]

Different stokes for different folks. PRC has had US$3.79 trillion of dirty money laundered in the past decade, you don't hear of US banks refusing financial transaction from Chinese nationals. Detail at http://ajw.asahi.com.../AJ201210270016

Possibly because China is one of America's major trading partners, plus America owes China a whole mountain of dosh, whereas Thailand is only a minor trading partner, a bit like a flea on the back of an elephant.

Oh, Chinese private individuals cash domestic yuan denominated private checks all the time in the USA????????

[Orac]

Different stokes for different folks. PRC has had US$3.79 trillion of dirty money laundered in the past decade, you don't hear of US banks refusing financial transaction from Chinese nationals. Detail at http://ajw.asahi.com.../AJ201210270016

------------------------

So very true.

Everyone in the U.S, "intelligence" network is quite aware of the connection between the Gulf states like Dubai, Qutar, and Bahtain and (illegal or blacklisted) Iranian money.

Iran is blacklisted, and "Iranian" money can't be put into a U.S. bank account.

But should a man from Qutar arrive in a large international bank with a U.S. branch in Washington D.C. with a few hundred million dollars to put into that bank.....not only would they open the account .... but he'd get VIP priority treatment;

But if you're a Thai diplomat....you can't cash a Thai government check there.

Money talks, and the more money there is to talk, the better the bankers hear it.

Indeed, how much of the problem has more to do with Thai Politicians trying to hide their ill gotten gains in foreign banks as opposed to arab countries or terrorists using Thai banks to hide the funds they get? Its is interesting to note that the the FATF have put Thailand on the watch list since December! I wonder if it has anything to do with the current Thai government?

Thailand was put on the watchlist in February this year. The FATF meet every year in Feb which is why the wait until Feb next year to see if they can be taken off the list. As the article points out, the legislation has been done but takes time to implement before assessments can be made so it is more a case of the lack of action by the previous government that has caused this debacle.

[asiawatcher]

Thailand would pale into insignificance alongside the 'laundering' being done by the US and China.

[TomTao]

Different stokes for different folks. PRC has had US$3.79 trillion of dirty money laundered in the past decade, you don't hear of US banks refusing financial transaction from Chinese nationals. Detail at http://ajw.asahi.com.../AJ201210270016

Possibly because China is one of America's major trading partners, plus America owes China a whole mountain of dosh, whereas Thailand is only a minor trading partner, a bit like a flea on the back of an elephant.

Oh, Chinese private individuals cash domestic yuan denominated private checks all the time in the USA????????

Who knows, but don't forget that the U.S has burrowed alot from China, if a well connected Chinese national wants to cash a large check in Yuan and the bank wanted to refuse, all that individual would have to do is speak to thier connections and those connections would probably speak to the right people, no problems for the well connected person after that.

Sent from my GT-I9003

[h90]

No problem Thai and American criminal corrupt politicians can still cash their cheques.

[Thai at Heart]

Different stokes for different folks. PRC has had US$3.79 trillion of dirty money laundered in the past decade, you don't hear of US banks refusing financial transaction from Chinese nationals. Detail at http://ajw.asahi.com.../AJ201210270016

Possibly because China is one of America's major trading partners, plus America owes China a whole mountain of dosh, whereas Thailand is only a minor trading partner, a bit like a flea on the back of an elephant.

Oh, Chinese private individuals cash domestic yuan denominated private checks all the time in the USA????????

Who knows, but don't forget that the U.S has burrowed alot from China, if a well connected Chinese national wants to cash a large check in Yuan and the bank wanted to refuse, all that individual would have to do is speak to thier connections and those connections would probably speak to the right people, no problems for the well connected person after that.

Sent from my GT-I9003

Uh, probably not at all like that. Unless of course, the American bank wants to risk breaking federal law.

There are ways to do all sorts of things, but, it involves doing things correctly from the beginning. Basically, Thai banks are pretty lax with their customer vetting, and employees can always be tapped up to move money around through private accounts.

So, if the Thai banks get their life in order, the problem disappears.

[noitom]

If the Thai embassy staff cannot get their cheques cashed, simply close the embassy there and also ensure that no US companies can get their cheques cashed in Thailand too and expel all their citizens and businesses here. Enough is enough.....Asian countries should stop dancing to the tunes of the US or Europe which are already economically dying. Instead a strong Asian Bloc and internal trading is enough plus affliations with other Non European and Non US blocs.Stop letting the US or Europe tell other countries how to run theirs !

That's right! Thailand should expel all US and European expats and not honor their closeout financial transactions. Give them a deadline on leaving under strict enforced penalties and fines. The US and Europe should then reciprocate with a trade embargo of Thailand. Japan should also side in with its US and European allies. Japan's economy is also a zombie.

Then let Thailand tough it out with the Arabs, the Indians and Pakistanis, China, and Africans. Thailand should stop appeasing the US and Europe and stop pandering to Japan. Of course all Thai held property and assets in banks in Europe, London, and the US would also be frozen. This would be a great path for Thailand. Thailand should put its sophisticated, worldly, informed, leadership foot down and tell the EU and US to P___Off. Thailand is too big and smart for these dying zombie EU, US and Japan economies.

[Kilgore Trout]

If the Thai embassy staff cannot get their cheques cashed, simply close the embassy there and also ensure that no US companies can get their cheques cashed in Thailand too and expel all their citizens and businesses here. Enough is enough.....Asian countries should stop dancing to the tunes of the US or Europe which are already economically dying. Instead a strong Asian Bloc and internal trading is enough plus affliations with other Non European and Non US blocs.Stop letting the US or Europe tell other countries how to run theirs !

This must win the prize for dumbest post of the day.

[Rimmer]

Personal attack and quoted replies removed

[FOODLOVER]

If the Thai embassy staff cannot get their cheques cashed, simply close the embassy there and also ensure that no US companies can get their cheques cashed in Thailand too and expel all their citizens and businesses here. Enough is enough.....Asian countries should stop dancing to the tunes of the US or Europe which are already economically dying. Instead a strong Asian Bloc and internal trading is enough plus affliations with other Non European and Non US blocs.Stop letting the US or Europe tell other countries how to run theirs !

Yes, with more g2g sales like they have been you'll be on top in no time!

[prvtdetdave]

If the Thai embassy staff cannot get their cheques cashed, simply close the embassy there and also ensure that no US companies can get their cheques cashed in Thailand too and expel all their citizens and businesses here. Enough is enough.....Asian countries should stop dancing to the tunes of the US or Europe which are already economically dying. Instead a strong Asian Bloc and internal trading is enough plus affliations with other Non European and Non US blocs.Stop letting the US or Europe tell other countries how to run theirs !

I agree and then Thailand's economy can crash again. As far as a strong Asian Economic Bloc, I do not see Thailand being part of it,

seems they just don't want to get envolved with thier neighbors. I had a company here and pulled it out as Thailand just made things too difficult and ignored violations of Thai companies. I treat others as I have been treated by them, its just common sense.

Yes, expell me (lol)

Edited October 28, 2012 by prvtdetdave

[MEL1]

If the Thai embassy staff cannot get their cheques cashed, simply close the embassy there and also ensure that no US companies can get their cheques cashed in Thailand too and expel all their citizens and businesses here. Enough is enough.....Asian countries should stop dancing to the tunes of the US or Europe which are already economically dying. Instead a strong Asian Bloc and internal trading is enough plus affliations with other Non European and Non US blocs.Stop letting the US or Europe tell other countries how to run theirs !

Of course all Thai held property and assets in banks in Europe, London, and the US would also be frozen.

I thought they already had been, in the most part? Just before he sold Manchester City Football Club.... ...

-mel.

[Time Traveller]

Note to Thailand: Your laws and regulations don't apply outside of Thailand.

Get with the program.

[Naam]

Different stokes for different folks. PRC has had US$3.79 trillion of dirty money laundered in the past decade, you don't hear of US banks refusing financial transaction from Chinese nationals. Detail at http://ajw.asahi.com.../AJ201210270016

Possibly because China is one of America's major trading partners, plus America owes China a whole mountain of dosh, whereas Thailand is only a minor trading partner, a bit like a flea on the back of an elephant.

Oh, Chinese private individuals cash domestic yuan denominated private checks all the time in the USA????????

Who knows, but don't forget that the U.S has burrowed alot from China, if a well connected Chinese national wants to cash a large check in Yuan and the bank wanted to refuse, all that individual would have to do is speak to thier connections and those connections would probably speak to the right people, no problems for the well connected person after that.

Sent from my GT-I9003

no speculations please

even a call from Hu or Wen won't make any bank outside China or HK cash a Yuan cheque for the simple reason that CNY currency is restricted, cannot be held in cash in the U.S. and the bank wouldn't have any means to get the equivalent amount for the Dollars paid out.

sent from my intergalactic notebook on frequency modulated subspace waves.

[TomTao]

Thank you Naam, I wasn't aware that the Yuan is a restricted currency, something new learnt today.

[Bluespunk]

If the Thai embassy staff cannot get their cheques cashed, simply close the embassy there and also ensure that no US companies can get their cheques cashed in Thailand too and expel all their citizens and businesses here. Enough is enough.....Asian countries should stop dancing to the tunes of the US or Europe which are already economically dying. Instead a strong Asian Bloc and internal trading is enough plus affliations with other Non European and Non US blocs.Stop letting the US or Europe tell other countries how to run theirs !

Yeah right, that makes sense! Thailand is on the watch list for good reasons and the govt at least recognises this. Laws are being passed to remedy the situation. Whether they work or not is another matter but it is a more rational responce than yours. Let's face it, if other countries put reactionary laws in place to get back at other countries, no Thai would own property, run a business or pay equal rates for local attractions outside of the LOS.

Edited October 28, 2012 by Bluespunk

[StayHere]

As far as I know India, my own country, is most corrupt and may be top money launderer in the world. But, surprisingly it is not on watch list. Our ministers and bureaucrats deposited approx. USD 2 trillion in all tax heavens around the globes.

This amount is an official amount. Unofficial amount is USD 15 trillion approx.

So, FATF is trustable?

[Unkomoncents]

If the Thai embassy staff cannot get their cheques cashed, simply close the embassy there and also ensure that no US companies can get their cheques cashed in Thailand too and expel all their citizens and businesses here. Enough is enough.....Asian countries should stop dancing to the tunes of the US or Europe which are already economically dying. Instead a strong Asian Bloc and internal trading is enough plus affliations with other Non European and Non US blocs.Stop letting the US or Europe tell other countries how to run theirs !

Wow. Brilliant plan. Close the embassy and expel US citizens. Just out of curiosity: from which rock did you suddenly crawl out from under to post this? Have you noticed how the Eurozone economic issues have affected China's growth rate? You don't have an inkling of understanding of global finance or politics. The US remains one of Thailand's most important allies. Thailand has very few allies, remember. Most ASEAN countries have lukewarm relations with Thailand at best. The loss of European visitors to Thailand would be a horrendous blow to Thailand's economy (20% of Thailand's GDP is from tourism alone). The US and Europe will be telling other countries how to run their economies for a long, long time. Cheers for the most obtuse post of the last couple of weeks. I'm really glad you live here in Thailand so you can't muck things up in the countries that matter. You are in the right place: the population of Thailand has all the intellectual capacity of pile of bricks.