Thailand To Be Lifted From Money Laundering, Terrorist Financing Blacklist

[webfact]

Thailand to be lifted from money laundering, terrorist financing blacklist
By Digital Media



BANGKOK, Feb 27 – The Financial Action Task Force (FATF) has removed Thailand from the anti-money laundering and counter terrorist financing (AML/CTF) blacklist after the country has made significant progress to tackle the issues, a senior Thai official said today.

Anti-Money Laundering Office (AMLO) secretary general Sihanart Prayoonrat said the FATF made a preliminary decision in its Feb 18-22 meeting and that a FATF specialist will make an on-site visit to Thailand in May to confirm that the country has implemented the required reforms and actions to address deficiencies previously identified by the Paris-based agency.

Should Thailand be found to have made real progress in addressing the issue, a proposal will be made to the FATF at its June meeting for final approval to remove Thailand from the blacklist.

Pol Col Sihanart said Thailand has enacted legislation to criminalise terrorist financing, establishing and implementing adequate procedures to identify and freeze terrorist assets.

Thailand has been included on the AML/CTF list since February last year. (MCOT online news)


-- TNA 2013-02-27

[JetsetBkk]

A "senior Thai official" says Thailand has been removed from the list. But a proposal will be made to the FATF at its June meeting for final approval to remove Thailand from the blacklist.

So, in fact, Thailand is still on the blacklist.

So which senior Thai official was telling porkies?

[Thai at Heart]

Classic. And to think they froze the assets of hundreds of their own citizens during the red shirt protests.

[GentlemanJim]

And so will open the flood gates for the 'unusually wealthy' to move their 'unusual wealth' to unusual parts of the world!

[Psych01]

Things become clearer as time goes on.

[clockman]

Wishful thinking!

[Thai at Heart]

They have their own citizens and politician in jail on terrorism charges for domestic protest financed by a guy on the run from outside the country.

How on earth does this not add up to a leaky financial system

[happynthailand]

more like putting the cart before mule

not going to happen

[Bluespunk]

We'll soon find out the truth. May's not far off.

[Pib]

And so will open the flood gates for the 'unusually wealthy' to move their 'unusual wealth' to unusual parts of the world!

Sure, but farangs will still have to beg, cry, get approval from the Thai banking gods to send the equivalent of a a few thousand US dollars back to the home country. Well, you folks with work permits will still have it a little easier.

[bigbamboo]

A "senior Thai official" says Thailand has been removed from the list. But a proposal will be made to the FATF at its June meeting for final approval to remove Thailand from the blacklist.

So, in fact, Thailand is still on the blacklist.

So which senior Thai official was telling porkies?

This 'senior Thai official' wasn't Khun Kittirat by any chance?

[A_Traveller]

As I understand it Bolivia, Sri Lanka and Thailand have been removed from the Public List based on their performance against the agreed FATF action plan. This can be seen as raising their threshold from "dark grey to grey". The audit in May will then review the actual implementation of the new laws, which were rushed through parliament to avoid remaining on the FATF Public List.

This will make it marginally easier to transfer funds into Thailand but until the above audit is completed Thailand remains a jurisdiction of concern.

Some cynics might note that there are many laws in Thailand but they are more honoured in the breach then the observance.

Edited February 27, 2013 by A_Traveller

[JetsetBkk]

Ah! I understand now why the Thai language doesn't have any tenses.

It's so that when someone says 'it has happened' (past tense) he actually means 'it will happen' (future tense).

So it's all just a 'misunderstanding'.

[Meetoo]

Things become clearer as time goes on.

To Achieve Sustainable Clarity throughout ... the PTP Motto ... SUSTAINABILITY ///

[Maestro]

I have deleted a nonsensical hub post.

[surangw]

how much laundered money will this cost?

[A Member]

And so will open the flood gates for the 'unusually wealthy' to move their 'unusual wealth' to unusual parts of the world!

Quite a change from putting it in the wife's name or in the case of the General currently under investigation slipping B100 Million into your daughter's account. Thaksin of course was very " inventive ", probably born of arrogance, when he put millions into the names of his domestic staff and the security guard at his home although he wasn't accused of corruption per se simply retaining control over stocks etc he was supposed to divest himself of upon taking office

[A Member]

A "senior Thai official" says Thailand has been removed from the list. But a proposal will be made to the FATF at its June meeting for final approval to remove Thailand from the blacklist.

So, in fact, Thailand is still on the blacklist.

So which senior Thai official was telling porkies?

Being Thai I am sure that in his own mind it's already happened so why not tell everyone how wonderful things are ? " The truth is just a tale told often enough "

[webfact]

UPDATE
Thailand to be taken off money-laundering blacklist: Sihanart
Atapoom Ongkulna
The Nation

BANGKOK: -- Thailand is set to be removed from the blacklist of countries perceived as non-cooperative in the global fight against money laundering and terrorist financing, Anti-Money Laundering Office (Amlo) secretary-general Sihanart Prayoonrat said yesterday.

The Financial Action Task Force on Money Laundering (FATF) met last week in Paris, and agreed that Thailand would be considered for removal from the blacklist after making significant progress in meeting international standards, Sihanart said. The FATF would send a team of experts to Thailand in May to confirm the country had reinforced laws and measures, he said, adding that the expert team would report its findings to the FAFT in June.

The FATF had required of Thailand that it issued new and more-standardised regulations covering access to financial-services customers' facts, that it fixed loopholes in its anti-money laundering law, and that it encouraged and supervised financial institutes in their execution of these changes.


-- The Nation 2013-02-28

[noitom]

Oh you wonder where the yellow went when you brush your teeth with Pepsodent.

[Katipo]

A "senior Thai official" says Thailand has been removed from the list. But a proposal will be made to the FATF at its June meeting for final approval to remove Thailand from the blacklist.

So, in fact, Thailand is still on the blacklist.

So which senior Thai official was telling porkies?

"Which senior official is telling porkies?" Well that's easy, all of them.

I challenge you to find one that isn't!

[FireMedic]

Good! No terrorist financing! But we will let insurgents strengthen in the south and pretend its not happening.

[drdoom6996]

A "senior Thai official" says Thailand has been removed from the list. But a proposal will be made to the FATF at its June meeting for final approval to remove Thailand from the blacklist.

So, in fact, Thailand is still on the blacklist.

So which senior Thai official was telling porkies?

Yep, just more sound bytes in the form of "Little White Lies" popping up again.

[Ricardo]

And so will open the flood gates for the 'unusually wealthy' to move their 'unusual wealth' to unusual parts of the world!

"to unusual parts of the world"

Surely they will move the loot funds to the usual places, I understand the B.V.I. are nice, at this time of the year ?

Open-up the wardrobes, unpack the lunch-boxes, it's time to 'clear Customs' with suitcase-loads once-again !

Oh, and the Baht is stronger-than-ever, what a happy coincidence !

Thanks to PTP for ushering-in a new 'Golden Age' !

Edited February 28, 2013 by Ricardo

[DLock]

Will this be before or after Thailand is taken of the IP Watch list?

[tamvine]

This will only mean a part of the system is cleaned up to some extent. However there are other ways money changes hands. Terrorists are only a tiny fraction of the money which goes in circles for financial gains and tax avoidance. It is a global problem.

[avalonmick]

Who paid what to whom to make this happen?

[webfact]

FATF removes Thailand from its "black list" of countries at severe risk of hosting money laundering

BANGKOK, 28 February 2013 (NNT) – The Anti-Money Laundering Office (AMLO) reveals that the Financial Action Task Force (FATF), an Inter-governmental body combating money laundering and terrorist financing, has resolved to remove Thailand from its list of countries severely at risk of hosting money laundering or monetary support for terrorism.

Police Colonel Sihanat Prayunrat, the secretary-general of the AMLO, said the removal was in response to Thailand’s comprehensive enacting of additional laws against money laundering and funding of terrorism, as well as supplemental laws. A delegation of experts from the FATF will visit Thailand in May to evaluate and confirm Thailand’s enforcement of these laws as well as matters that relate to suppression of money laundering and funding of terrorism. The findings by the delegation will be presented to the FATF meeting in June, which would lead towards an official de-listing of Thailand from the list.

-- NNT 2013-02-28

[TallGuyJohninBKK]

And so will open the flood gates for the 'unusually wealthy' to move their 'unusual wealth' to unusual parts of the world!

Sure, but farangs will still have to beg, cry, get approval from the Thai banking gods to send the equivalent of a a few thousand US dollars back to the home country. Well, you folks with work permits will still have it a little easier.

There was a local news item posted here a week or two back regarding the Bank of Thailand's actions to deal with currency fluctuations, and one of the items listed was a plan to lift currency controls on foreigners sending their own money OUT of Thailand.

But as typical here, it was a The Nation report and it was hard to tell from the article whether it was a BOT regulation that had already been changed or one they are planning to change.

Needless to say, I haven't had the gumption to go to one of my local Thai banks to ask about it, since it would probably take them 10 years to implement any actual change.

That, and, I don't trust keeping any substantial funds in Thai banks anyway.

[youngXpat]

how much laundered money will this cost?

Yes, how much is it costing to get off this list?