Banks prep for money laundering crackdown

By Coconuts Bangkok

Photo: AGBeat.com

BANGKOK: -- A message to the “hardened criminal” portion of our readership: If you’re laundering money in Thailand, now might be a good time to pull up stakes.

According to the Bangkok Post, the Anti Money Laundering Office (AMLO) is meeting with the leaders of commercial banks to discuss the details of a “cleanup day,” during which it will close the accounts of suspected money launderers conducting business through Thai financial institutions.

The country’s Anti-Money Laundering Act enters into law on January 1, at which point AMLO will have the authority to route suspected money launderers from Thai banks. Those banks that fail to comply with the new strictures risk incurring a THB500,000 fine for every suspicious account. [more...]

Full story: http://www.coconutsbangkok.com/news/banks-prep-for-money-laundering-crackdown/

-- COCONUTS Bangkok 2012-12-25

Might get a few politicians a little bit nervous with all the billions they seem to be worth.

Wonder what their criteria is for a suspicious account?

I read a post recently where someone got retirement visa without having to provide the 800K baht. All he had to do was open a bank account and give the account to the "lawyer" who was getting him the visa.

I would suspect that his is one of the accounts that will be closed soon.

Might be more pertinent to take a look at certain individual's Benz collections.

Edited December 25, 201213 yr by bigbamboo

Wonder what their criteria is for a suspicious account?

First criteria is to look at the accounts of those people who ask, "What is the criteria for a suspicious account?"

Mr. Red: The Criteria is probably being from Nigeria, or Angelo with a White Face...I mean who would every suspect a Thai National!

Edited December 25, 201213 yr by jerrysteve

I read a post recently where someone got retirement visa without having to provide the 800K baht. All he had to do was open a bank account and give the account to the "lawyer" who was getting him the visa.

I would suspect that his is one of the accounts that will be closed soon.

nobody will lift a finger when it concerns peanuts amounts of 800k

Might get a few politicians a little bit nervous with all the billions they seem to be worth.

I wonder if money transfers to Hong Kong and from Dubai will be included in suspicious actions. They are probably exempt.

Might be more pertinent to take a look at certain individual's Benz collections.

Or a pink Bentley collection of one where the person is a policeman and worth millions of USD.

I read a post recently where someone got retirement visa without having to provide the 800K baht. All he had to do was open a bank account and give the account to the "lawyer" who was getting him the visa.

I would suspect that his is one of the accounts that will be closed soon.

My god I'm caught.

My guess is there will be ZERO crack down on transfers into Thailand.

My other guess is that there will be a HUGE crack down on transfers out of Thailand.

Any one want to bet I am wrong?

My guess is there will be ZERO crack down on transfers into Thailand.

My other guess is that there will be a HUGE crack down on transfers out of Thailand.

Any one want to bet I am wrong?

The only thing I know for sure is there will be no scrutinizing of funds coming from or to Dubai.

My guess is there will be ZERO crack down on transfers into Thailand.

My other guess is that there will be a HUGE crack down on transfers out of Thailand.

Any one want to bet I am wrong?

I thought Thailand already had a huge crackdown on transfers out of Thailand as they should make it hard enough for most people when they want to transfer money out. Oh, if you have a work permit or paperwork from a residence sale then sure....but for most anything else Thailand really likes to keep a person's money in Thailand. And of course Thailand is the Land of Smiles and big, wide open arms when transferring money in.

Wonder what their criteria is for a suspicious account?

1. Lot of money in and out and in and out

2. Some big official person with excellent connections

If yes, it ends here

if no:

3. close the account over the mediating process

If mediation is successful, account is significant smaller, so not suspicious anymore

if mediation is not successful,

4. lots of papers to check, expensive lawyers needed

account is also significant smaller, so....

Something like that, methinks.

Hopefully, they looking into the accounts of laundering companies, too.

Some aren't even be able, to handle so many customers, like they showing to have, with the money, that comes in.

My guess is there will be ZERO crack down on transfers into Thailand.

My other guess is that there will be a HUGE crack down on transfers out of Thailand.

Any one want to bet I am wrong?

I thought Thailand already had a huge crackdown on transfers out of Thailand as they should make it hard enough for most people when they want to transfer money out. Oh, if you have a work permit or paperwork from a residence sale then sure....but for most anything else Thailand really likes to keep a person's money in Thailand. And of course Thailand is the Land of Smiles and big, wide open arms when transferring money in.

It's supposed to be a one way process!

Good news, this should open up the Thai trade of money laundering to the likes of HSBC, JP Moran and Goldman Sachs. Finally Thais will get a truly experienced and professional service for hiding and washing their dirty money and unhindered by bought government regulators if wanting to store in the US. Drug and gun running profits apparaently attract a discount rate to boot.

About time Thailand modernised one of its oldest businesses.

They are "prepping." So they have provided a warning and advance notice to the money launderers and bankers. let's see how many bankers they drag off in hand cuffs. This is a great scheme. Thai police will confiscate laundered funds with a police state diligence. No questions asked and the money will never be accounted for. No Thai bankers will ever be arrested, charged and convicted. Somchai need not worry.

I read a post recently where someone got retirement visa without having to provide the 800K baht. All he had to do was open a bank account and give the account to the "lawyer" who was getting him the visa.

I would suspect that his is one of the accounts that will be closed soon.

nobody will lift a finger when it concerns peanuts amounts of 800k

Do you think there was only 800K that went through the account?

document shredders working 24/7 for a while

I read a post recently where someone got retirement visa without having to provide the 800K baht. All he had to do was open a bank account and give the account to the "lawyer" who was getting him the visa.

I would suspect that his is one of the accounts that will be closed soon.

nobody will lift a finger when it concerns peanuts amounts of 800k

I bed to differ though 800K is probably too small fry, its always the little man they go for. Got to have a few sacrificial lambs.

Thing is why would Thailand stop criminals putting dodgy money into its economy, the property market would collapse overnight.

Britain couldn't care less about the billions/trillions despots from around the world hide there, thus i can't see Thailand worrying.

Edited December 25, 201213 yr by AntMan1

BANGKOK: -- A message to the “hardened criminal” portion of our readership: ...

This acknowledgement of one signficant demographic in their readership could open up a whole new stream of advertising revenue.

"I would suspect that his is one of the accounts that will be closed soon."

Why? Opening an account without providing enough money for a visa has nothing to do with money laundering!

"I would suspect that his is one of the accounts that will be closed soon."

Why? Opening an account without providing enough money for a visa has nothing to do with money laundering!

He opened an account and gave the details to someone else who said they would take care of the money. I'm pretty sure that has something to do with money laundering.

Banks doing millions of dollar transactions with known drug cartels are the ones they are after.It's beginning to be very difficult to hide huge amounts of money. Thailand could get a lot of practice by tracing the politicians money.

Is it still safe to bring in those 40 million USD from my African oil pipeline deal?

Is it still safe to bring in those 40 million USD from my African oil pipeline deal?

As long as it's not in the same week as you help out the Syrian government employee with his transfer of $25 million.

Is it still safe to bring in those 40 million USD from my African oil pipeline deal?

As long as it's not in the same week as you help out the Syrian government employee with his transfer of $25 million.

I'm going to have that confirmed by my lawyer in Benin.