Thailand Hopes To Escape From Financial Action Task Force' Blacklist

[webfact]

Thailand hopes to escape from FATF’s blacklist

BANGKOK, 16 March 2013 (NNT) - The Financial Action Task Force on Money Laundering (FATF) special committee will travel to Thailand next month to check if the country’s money laundering situation has improved before pulling it out of the blacklist.

Secretary-General of the Anti-Money Laundering Office (AMLO) Pol. Col. Sihanart Prayoonrat said the FATF would send specialists to Thailand from 7-8 May 2013 to prove that the country had enforced laws on anti-money laundering and dealt with its flaws in a concrete manner.

If the specialists found that the country had improvements, Thailand might be withdrawn from the FATF’s list of countries at risk of money laundering by terrorist groups.

The FATF specialists will also meet with Thai Justice Minister Pol. Gen. Pracha Promnok to receive a confirmation that Thailand complies with the Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) regulations.

The FATF’s next plenary session is scheduled from 17-21 June 2013 in Oslo, Norway.


-- NNT 2013-03-16

[yummypizza]

So how do they check this? being an average idiot, what are the procedures? does any one know? was this done legally before in Thailand or did they just turn a blind eye?

[Buchholz]

Thailand hopes to escape from FATF’s blacklist

/

funny to read how things morphed from last month's news that the blacklist removal was already a done deal... well, according to a senior Thai official, anyway.

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Thailand To Be Lifted From Money Laundering, Terrorist Financing Blacklist

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.

http://www.thaivisa.com/forum/topic/622271-thailand-to-be-lifted-from-money-laundering-terrorist-financing-blacklist/

Edited March 16, 2013 by Buchholz

[OzMick]

I hope to be a millionaire (preferably AU$).

[WhizBang]

FATF would send specialists to Thailand from 7-8 May 2013 to prove that the country had enforced laws on anti-money laundering and dealt with its flaws in a concrete manner.

Well, there's the rub. Fat chance on enforcing any law in this country. The 'law' will always side with the highest bidder.

[Thormaturge]

Thailand has enacted new anti-money laundering legislation with effect from 1st February.

The big question is whether this means tighter controls, or just that the banks' designated anti-money laundering officers will simply get rich.

Edited March 16, 2013 by Thormaturge

[tragickingdom]

The entire "Blacklist" is one big joke. Thailand is on it, but not Iraq, Afghanistan or Pakistan. I rather live in a country that accepts cash from a brothel owner for house than in a country that accepts a cheque for a massive bomb to blow up others.

[stoli]

From a selfish standpoint, I hope they find a deep problem with money laundering, and it makes the US dollar stronger against the baht. I need to hope!

[Locationthailand]

They will be given a selective 'guided tour' to prove Thailand has it under control. Of course it will mean absolutely nothing and just another wasted trip by a self serving BS international overseer. But if the Thai side supply enough escorts, drinks and nice hotels, they could well sway the 'decision makers' to a favourable conclusion. Just don't let them ask about the ShinClan and the amount they have laundered.

[DonaldBattles]

After having been here for 30 years, everything changes but nothing ever changes so you need to forget it. What you see is what you get for the rest of your life.

[rubl]

Uh ... uh ... since when is 7-8 May 2013 next month in relation to today being the 16th of March 2013?

[notmyself]

Plenty of Russian money coming into Thailand from dubious sources

[Pib]

Uh ... uh ... since when is 7-8 May 2013 next month in relation to today being the 16th of March 2013?

Thai time.

[Buchholz]

Uh ... uh ... since when is 7-8 May 2013 next month in relation to today being the 16th of March 2013?

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It's an off-shoot from knowing in February how the FATF inspection in May inspection was going to turn out.

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[waza]

Thailand hopes to escape from FATF’s blacklist

Hope? Should they have imposed laws. policies and protocol to ensure that money laundering isnt a viable option in Thailand?

Edited March 16, 2013 by waza

[surangw]

escape much like a thai drunk driver fleeing the scene of an accident.

[AloisAmrein]

From a selfish standpoint, I hope they find a deep problem with money laundering, and it makes the US dollar stronger against the baht. I need to hope!

The US $ is going down the drain. Just compare it against strong currencies like the Swiss Franc or the AU $. Now even the Thai Bhat seems to be stronger than the US $. And why? Because the US spend too much money on wars worldwide, money which is needed desperately for internal social and economical problems in the US. When I was a young boy in the sixties, one had to pay 7 CHF for 1 US $. Now 1 US $ is worth less than 1 CHF (-.93 actually).

[FunFon]

Yes, no hope IMO of the dollar going anywhere but down the toilet until we start clearing both the government tax deficit and the trade deficit.

Pigs will fly first. . .