Amlo ' Helpless' About Foreign Banks Refusing Transactions

[Bluespunk]

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?

Some sooner, some later. Don't worry or feel neglected, they'll get to India in good time. Do they have a divine right to do so? I can't answer that, but in the end someone has to do something.

[Rancid]

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

The US rightfully couldn't care less about the Treasuries China bought, China can't dump them or their currency will appreciate, and they will not allow that. Considering the criminality in the western banking businesses and their puppet politicians I think the whole thing is a joke, we keep making more terrorists, and then bring in fascist legislation to supposedly keep us safe, wheras it is just fast tracking us to Big Brother where we all eventually be chipped and monitored 24/7.

[bumpkin]

The reality is that the big money launderers are always a step or two ahead of the legislators.

By the time a Country appears on the restricted list, they will have already moved on to a different destination for their ill-gotten gains.

The legialation is passed to show the voters that "we are cracking down on crime" - always a great electioneering slogan.

It may have some slight deterant value and catch a few small fry.

It wont stop the world's dicators moving the peoples money into their personal Bank accounts abroad.

. .

Or, is this just too cynical ?

[Bluespunk]

No, not at all. Not cynical just the truth.

[ttelise]

I dislike banks as much as the next person which is messed up because I represent them (about 20 percent of my practice) and my wife is an investment banker. For all the bad in US banking, I can tell you without equivocation that US banks are extremely strict, almost to the point of paranoia about reporting and document any transactions that fit the suspicious activity criteria. There is constant training on this and the reporting system in place is very objective and rigid. Tellers and front house employees have tremendous pressure on them to follow guidelines and report certain transactions no matter who the or how well known the customer may be.

US banks will shy away from conducting business with any financial institution that could basically get them in hot water as they will be responsible for violations of institutions they conduct business with and stand to get heavy fines, penalties and employees can get terminated. Makes no difference if the transaction is domestic or from any country abroad.

Most of this talk about China misses the mark. China purchases treasuries and bonds to lessen money supply and keep it's currency from rapidly appreciating.

US banking lending practices and reserve requirements got manipulated between 2001 and 2007. Fed stepped in big time during that time frame and by 2008 the monitoring, loan rating, and reserve requirements became strict beyond belief. I have witnessed this first hand. It is not like the Movie scar face any more where criminal carry bags of money in and the Bush era lending guidelines are gone. Our banking system us still under the microscope in a huge way and the system is extremely inefficient and redundant now just for a broker to get a letter out, much less a loan.

Call them corrupt if it makes you feel better, but such statements are inaccurate. I don't like the system for reasons other than corruption, but that is entirely another story that would take too long to explain.

Edited October 28, 2012 by ttelise

[Phatcharanan]

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;

Where have you been living for the last few years? In a black box?

Relations between Iran and the UAE + Qatar soured quite a long time ago. Tehran now accuses Doha of being in 'cahoots' with the West. Iran is shoring up the Bashad regime whilst Qatar supplies errrrrrrrrrrrrrrr money to the FSA (Arms probably but officially, only money) Tehran was also pissed at Qatar's support for the royal family in Bahrain during that countries recent troubles.Tehran must have been hoping for a shiite rebellion which, fortunately did not happen.

Add to the fact that the USA and Israel both gave their 'blessings' to the recent visit to Gaza by the Sheikh of Qatar, then Tehran is seriously pissed off.

So, Qatari's taking in hand Iranian millions? Don't make me laugh.

Edited October 28, 2012 by Phatcharanan

[Phatcharanan]

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 !

Well you just made a right ass of yourself didn't you? The economic insight of a 10 year old.

You're right though............we should do that. Also take away all the lands and properties of Thais overseas seeing as how foreigners cannot own land here or have control of companies. Yup! That will show them!

And now Thailand is trying to get into bed with Vietnam.................. only cos its panicking over its stupid rice pledging scheme and the potential loss of huge sums of money.

Grow up. You're obviously a child.

[hellodolly]

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 !

Well I feel what you are saying but committing economy suaside is not the answer.

Makes no difference what the states or the common wealth want. The laws should all ready have been in place.

This is a case of where the mismanaging of the money here in Thailand is affecting them.

For the most part they should mind their own business. It would create a lot less problems in the world.

[geriatrickid]

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

Care to cite some examples?

I don't even know why the blame is being put on the USA anyway. The rules are similar for Australia, Canada and the EU. If anything, the EU had much tougher sanctions on Thailand in respect to dealings with Myanmar than the USA ever did.

Horrrid thing this human rights position that the EU has.

[Rogermoore]

Something strange is going on. they are useing terrorism as a basis for all this regulation.I don't think it's the case. Notice how they are putting out those card readers on phones now?

They are making credit card companies report to the IRS the transactions mandatory now . They have put a new question in the IRS form do you have bank accounts outside the US ?

Who ever is at the top of this and I would say it's the big bankers that paid for Woodrow Wilson in power in 1913. Our founding Fathers in the US said never let the bankers print your money and charge you interest for it . In 1913 that happened. Since then we have been in War after war the dollar has declines 97% and look at 911 after that happened they atarting putting up cameras on every street corner they came out with the patriot act that said they could go into your home or tap your phone without a warrant it was supposed to be repealed it still is not.

I think this is about getting rid of cash and making a world credit system then once this is done they could simply turn you off if you become derogatory against the world goverment.

911 obviously was an inside job that needs an independent investigation. The people at the top of this mess are pushing and trying to squeeze you any where they can. It's time to stop the madness.

They have turned loan officers in america into little spy's for fre by asking them to verify deposits some as little as 200 USD. They want to know where all your money is coming and going.

Don't let AMLO push you around it's time for countries to be left alone to rule there own people. Something very strange is going out there . Beware

[maidu]

Could AMLO ever follow Thaksin's billions which he spirited out of the country? Of course not. Could AMLO do anything about the 35 large suitcases (much or all of them stuffed with Bt.1,000 baht bills) which Yingluck and her kids moved out of the country, right after the coup? Of course not. I don't know much about AMLO, but they sound like a completely useless bunch of bureaucrats to me.

[rubl]

Could AMLO ever follow Thaksin's billions which he spirited out of the country? Of course not. Could AMLO do anything about the 35 large suitcases (much or all of them stuffed with Bt.1,000 baht bills) which Yingluck and her kids moved out of the country, right after the coup? Of course not. I don't know much about AMLO, but they sound like a completely useless bunch of bureaucrats to me.

Minor correction. Not Yingluck, but Potjaman

http://www.independe...les-891361.html

[Jim walker]

When will we aliens learn to understand its Thailand that makes the rules and we in the west have to follow, not the other way around every money transaction in Thailand is above board and Thai banks would never consider any illegal financial transactions corruption was eradicated in Thailand a long time ago so no criminal money circulating here .

[maidu]

Could AMLO ever follow Thaksin's billions which he spirited out of the country? Of course not. Could AMLO do anything about the 35 large suitcases (much or all of them stuffed with Bt.1,000 baht bills) which Yingluck and her kids moved out of the country, right after the coup? Of course not. I don't know much about AMLO, but they sound like a completely useless bunch of bureaucrats to me.

Minor correction. Not Yingluck, but Potjaman

http://www.independe...les-891361.html

Thanks for the correction.

[simple1]

Something strange is going on. they are useing terrorism as a basis for all this regulation.I don't think it's the case. Notice how they are putting out those card readers on phones now?

They are making credit card companies report to the IRS the transactions mandatory now . They have put a new question in the IRS form do you have bank accounts outside the US ?

Who ever is at the top of this and I would say it's the big bankers that paid for Woodrow Wilson in power in 1913. Our founding Fathers in the US said never let the bankers print your money and charge you interest for it . In 1913 that happened. Since then we have been in War after war the dollar has declines 97% and look at 911 after that happened they atarting putting up cameras on every street corner they came out with the patriot act that said they could go into your home or tap your phone without a warrant it was supposed to be repealed it still is not.

I think this is about getting rid of cash and making a world credit system then once this is done they could simply turn you off if you become derogatory against the world goverment.

911 obviously was an inside job that needs an independent investigation. The people at the top of this mess are pushing and trying to squeeze you any where they can. It's time to stop the madness.

They have turned loan officers in america into little spy's for fre by asking them to verify deposits some as little as 200 USD. They want to know where all your money is coming and going.

Don't let AMLO push you around it's time for countries to be left alone to rule there own people. Something very strange is going out there . Beware

Good idea for Thailand not to comply to international regulations for money laundering etc. Thai banks cost of money will increase, access to international funding for development projects and support from the likes of the Asian development Bank & IMF will be restricted, sanctions will be applied etc etc and the Thai economy will slowly go down the drain. In summary your post reminds me of the mouse giving the finger to the eagle.

[Time Traveller]

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?

Yes it is. Money launderers like to avoid tax as much as possible. Transferring funds via banks in India and also from India to another country is very difficult or even impossible without a payment of tax to the India revenue dept. somewhere along the way. On the other hand, for Thais transferring funds by banks, there is almost no requirement to show where the funds came from, nor evidence that tax was paid on those funds.

Edited October 29, 2012 by Time Traveller

[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?

Yes it is. Money launderers like to avoid tax as much as possible. Transferring funds via banks in India and also from India to another country is very difficult or even impossible without a payment of tax to the India revenue dept. somewhere along the way. On the other hand, for Thais transferring funds by banks, there is almost no requirement to show where the funds came from, nor evidence that tax was paid on those funds.

Sending money to India needs title.

Sending money out from India is almost impossible for common people.

One who can establish 'title' successfully using several central banking rules, can rule this 'Money Laundering' business.

On the other hand, we need just driving license or any official ID card as an indetity to travel to Nepal. Most of the criminals, travel on fake ID cards. No need of passport or visa for Indians and indeed for Nepal nationals to travel to each others country. God knows, how many Indians are travelling on Nepal passport or vice versa.

And, banking in Nepal is not strict.

So, that's why I said, how much FATF is trustable?

Edited October 29, 2012 by StayHere

[Replogle]

The United States and EU are in desperate shape financially. There is no terrorism to speak of; it's an imaginary story being used to conjure up fear and paranoia in order to double-tax and micromanage the lives of gullible citizens. Will identification be required for all simple domestic cash transactions as well? Restricting the flow of capital (even in flight to safety) only serves to lessen its value of said country's currency as well as deepen the unemployment crisis Westerners face. They'll have no choice but to do business with prosperous nations whose banks require little documentation or proof stating origin of funds.

Thailand is flush with money, love and food. Who want's to blow up a building when there's employment, sex and fried rice to be had?! If anything Thailand may be one of the safest modern places to live. And where else can you get a bag of sticky rice for a measly 5 baht? No empty bellies here, anywhere.

Good luck America. Perhaps a few stray dogs and a notch lower on the cleanliness scale is in your future.

[Time Traveller]

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?

Yes it is. Money launderers like to avoid tax as much as possible. Transferring funds via banks in India and also from India to another country is very difficult or even impossible without a payment of tax to the India revenue dept. somewhere along the way. On the other hand, for Thais transferring funds by banks, there is almost no requirement to show where the funds came from, nor evidence that tax was paid on those funds.

Sending money to India needs title.

Sending money out from India is almost impossible for common people.

One who can establish 'title' successfully using several central banking rules, can rule this 'Money Laundering' business.

On the other hand, we need just driving license or any official ID card as an indetity to travel to Nepal. Most of the criminals, travel on fake ID cards. No need of passport or visa for Indians and indeed for Nepal nationals to travel to each others country. God knows, how many Indians are travelling on Nepal passport or vice versa.

And, banking in Nepal is not strict.

So, that's why I said, how much FATF is trustable?

Using fake documents is not really money laundering, that's fraud. India has procedures in place to prevent money laundering. Thailand does not.

[Kilgore Trout]

The United States and EU are in desperate shape financially. There is no terrorism to speak of; it's an imaginary story being used to conjure up fear and paranoia in order to double-tax and micromanage the lives of gullible citizens. Will identification be required for all simple domestic cash transactions as well? Restricting the flow of capital (even in flight to safety) only serves to lessen its value of said country's currency as well as deepen the unemployment crisis Westerners face. They'll have no choice but to do business with prosperous nations whose banks require little documentation or proof stating origin of funds.

Thailand is flush with money, love and food. Who want's to blow up a building when there's employment, sex and fried rice to be had?! If anything Thailand may be one of the safest modern places to live. And where else can you get a bag of sticky rice for a measly 5 baht? No empty bellies here, anywhere.

Good luck America. Perhaps a few stray dogs and a notch lower on the cleanliness scale is in your future.

So terrorism doesnt exist?

So i guess you are saying that the people who died in the uk, bali and spain bombings got what they deserved right? If it wasnt terrorism then they must have been legitimate targets right?

Try telling that to the victims families

Sent from my GT-S5660 using Thaivisa Connect App

[bumpkin]

Are their branches of most Thai Banks in the USA ?

[simple1]

Are their branches of most Thai Banks in the USA ?

if not an actual branch they would have a corresponding bank relationship. Their may be some challenges for financial transactions until Thailand fully complies with FATF requirements

By way of example I believe Krung Thai & Bangkok Bank have some offices in USA

[Replogle]

So i guess you are saying that the people who died in the uk, bali and spain bombings got what they deserved right? If it wasnt terrorism then they must have been legitimate targets right?

I guess? Interesting fantasy you have there.

And no, terrorism does not exist. It is either a criminal act or it is not. "Terrorism" is a term used to influence behavior and nothing more.

[Maestro]

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.

Some companies and government agencies still seem to be living in the stone age and using cheques instead of bank transfers.

[Baloo22]

The United States and EU are in desperate shape financially. There is no terrorism to speak of; it's an imaginary story being used to conjure up fear and paranoia in order to double-tax and micromanage the lives of gullible citizens. Will identification be required for all simple domestic cash transactions as well? Restricting the flow of capital (even in flight to safety) only serves to lessen its value of said country's currency as well as deepen the unemployment crisis Westerners face. They'll have no choice but to do business with prosperous nations whose banks require little documentation or proof stating origin of funds.

Thailand is flush with money, love and food. Who want's to blow up a building when there's employment, sex and fried rice to be had?! If anything Thailand may be one of the safest modern places to live. And where else can you get a bag of sticky rice for a measly 5 baht? No empty bellies here, anywhere.

Good luck America. Perhaps a few stray dogs and a notch lower on the cleanliness scale is in your future.

I suppose that when those three Iranians blew up their rented house in Bangkok last February, you consider it just a "workplace accident". And when one of them blew up a taxi and then blew off his own legs, that was a "traffic accident". By any chance, do you work for the Thai government?

[osiboy]

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

Get with the program.

Thailand has laws and regulations ???...........wow!,... i think the reason they are taking so long is to give all the big money movers {the elite} more time to hide their money ,.... a good time for burglars to look under the bed me thinks !! .....ala ken dodd

[Baloo22]

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

Get with the program.

Thailand has laws and regulations ???...........wow!,... i think the reason they are taking so long is to give all the big money movers {the elite} more time to hide their money ,.... a good time for burglars to look under the bed me thinks !! .....ala ken dodd

Wasn't it a year or two ago that a team of burglers broke into some Thai politician's or governement official's house in Bangkok and found so much cash hidden there that they literally could not carry all of it away? For a while there were some questions in the newspapers as to how he got so much cash, but then, for some reason, the story just seemed to fade away.

[osiboy]

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

Get with the program.

Thailand has laws and regulations ???...........wow!,... i think the reason they are taking so long is to give all the big money movers {the elite} more time to hide their money ,.... a good time for burglars to look under the bed me thinks !! .....ala ken dodd

Wasn't it a year or two ago that a team of burglers broke into some Thai politician's or governement official's house in Bangkok and found so much cash hidden there that they literally could not carry all of it away? For a while there were some questions in the newspapers as to how he got so much cash, but then, for some reason, the story just seemed to fade away.

kowjai loey !!

[osiboy]

does'nt anyone else wonder how so many tailor shops survive with so few customers ?? seems pretty amazing to me , a suit, 2 trousers , 3 shirts with 2 ties for $100 ??.....plus the overheads.....hmmmm, makes you think eh ? thailand ?a money launderer? .............nahhhhhhh !

[rubl]

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

Get with the program.

Thailand has laws and regulations ???...........wow!,... i think the reason they are taking so long is to give all the big money movers {the elite} more time to hide their money ,.... a good time for burglars to look under the bed me thinks !! .....ala ken dodd

Wasn't it a year or two ago that a team of burglers broke into some Thai politician's or governement official's house in Bangkok and found so much cash hidden there that they literally could not carry all of it away? For a while there were some questions in the newspapers as to how he got so much cash, but then, for some reason, the story just seemed to fade away.

A bit unrelated (this money wasn't being moved till burglars got hold of some ), but the issue popped up November 12, 2011 and latest might be the confiscation of lots of cash ( http://english.sina....726/490186.html )