Thailand poses medium risk to money laundering

[Lite Beer]

Thailand poses medium risk to money laundering

BANGKOK: -- Thailand is ranked the world's 49th most at-risk country to money laundering and terrorist financing, according to the latest global index released.

Coming on top of the 162 countries on the list is Iran, trailing by Afghanistan, and Cambodia.

The least at-risk country is Finland.

Thailand scored 6.53 on the list of the Anti-Money Laundering Index, first published by the Swiss-based Basel Institute on Governance in 2012.

Basel assigns the 162 countries surveyed this year a score between 0 and 10, with a higher score indicating greater risk.

Thailand’s score was considered as medium risk and is same as the Philippines and Indonesia which were ranked 56th and 64th and received 6.39 and 6.25 scores respectively.

Singapore scored 4.96 and came the 127th at-risk country to money laundering and terrorist financing.

Burma was the only ASEAN country to score in the top 10, with a score of 7.89.

Cambodia was deemed the third most vulnerable to money laundering worldwide, with a score of 8.39, behind only Afghanistan (8.53) and Iran (8.56).

Finland was deemed the least at-risk country for money laundering, scoring 2.5.

The United States came 53rd with a score of 5.30.

While the most at-risk countries have weak systems in place to counter laundering and terrorist financing, a report accompanying the index explains, “other factors are also common, including high rates of perceived corruption, a lack of judicial strength, a lack of resources to control the financial system, and a lack of public and financial transparency.”

The Swiss-based Basel Institute measures corruption, political risk and money laundering, and financial and political transparency, using 14 sources —including the World Bank, U.S. State Department and Transparency International—to come up with an overall score for each country.

The institute emphasized that the index only ranks countries’ vulnerability to laundering, and not how much laundering actually occurs. The index also does not include a breakdown of each country’s performance.

Source: http://englishnews.thaipbs.or.th/thailand-poses-medium-risk-money-laundering/?utm_source=rss&utm_medium=rss&utm_campaign=thailand-poses-medium-risk-money-laundering

-- Thai PBS 2014-09-03

[chainarong]

I think that if you read the subject, the third paragraph from the bottom sums up Thailand quite nicely, no more comment needed.

[h90]

If you have the money all the day in the trouser pocket and it is full of wrinkles, some money laundering is good so it looks neat again

[Ragzilb]

Why is it people dont understand, its not countries or governments who are the problems, I just read yesterday that ISIL or ISIS have over 2 Billion Dollars in assets in Banks.

and now accusing Thailand for bein a hub for money laundring.

All these problems are created because of the banks and the banks only. if they close the account with suspicion no terrorist could survive or anything else. Yes one can live on a farm and be selfsustainable, but a war cannot work is there is no money

Punish the banks for hosting terrorist then the problem is solved, and its embarrasing how easy the worlds problems are to solve

[herb59]

once i tried to launder it, didnt work. colours faded.

[IamNoone88]

By the time I set up business here, went through 2 coups, endless riots, years of ongoing political instability, governments bureaucracy - I wish I had some money left to sodding launder. As the saying goes - How do you make a small fortune in Thailand? ……… Start with a big fortune……..

[Upset]

Oh Pleeze, tell all these Swiss and American farangs to go to hell......they should stop dictating to other countries how it should be run. Boycott all Swiss and American products I say.

[Baghdad]

I agree with Upset, 100% bud

[topt]

Why is it people dont understand, its not countries or governments who are the problems, I just read yesterday that ISIL or ISIS have over 2 Billion Dollars in assets in Banks.

and now accusing Thailand for bein a hub for money laundring.

All these problems are created because of the banks and the banks only. if they close the account with suspicion no terrorist could survive or anything else. Yes one can live on a farm and be selfsustainable, but a war cannot work is there is no money

Punish the banks for hosting terrorist then the problem is solved, and its embarrasing how easy the worlds problems are to solve

Who defines that suspicion and where does it stop - you would probably find a lot of expats with closed accounts as well....

[razer]

It all comes down to the people who do it, not the bank they work for. So far, no banker has gone to prison for money laundering.

[Seducedbytheseas]

@ Ragzilb: The money in ISIS' terror chest is from the banks they robbed (most recently $450 million USD), hijacked oil fields, 800+-year-old antiquities, and the weapons and supplies stolen from Afghan and Syrian military.

[Time Traveller]

Oh Pleeze, tell all these Swiss and American farangs to go to hell......they should stop dictating to other countries how it should be run. Boycott all Swiss and American products I say.

I always let anonymous strangers from web forums dictate what my family and I should buy. Thank you Upset, you're not a loser at all.

[Lee4Life]

Oh Pleeze, tell all these Swiss and American farangs to go to hell......they should stop dictating to other countries how it should be run. Boycott all Swiss and American products I say.

Oh Please, find something more useful to do with your life than to make generalized bigoted comments that promote hate and discontent

Edited September 3, 2014 by Lee4Life

[54321]

"if they close the account with suspicion"

how would anyone here like their bank account closed based on suspicion of something?

Why is it people dont understand, its not countries or governments who are the problems, I just read yesterday that ISIL or ISIS have over 2 Billion Dollars in assets in Banks.

and now accusing Thailand for bein a hub for money laundring.

All these problems are created because of the banks and the banks only. if they close the account with suspicion no terrorist could survive or anything else. Yes one can live on a farm and be selfsustainable, but a war cannot work is there is no money

Punish the banks for hosting terrorist then the problem is solved, and its embarrasing how easy the worlds problems are to solve

[Doc46]

It all comes down to the people who do it, not the bank they work for. So far, no banker has gone to prison for money laundering.

If no banker has gone to jail it (laundering money) must be legal is it not? so they don't care where the money is coming from as long as it comes in the country,,,,,All Bullshit isn't it..so what the faq is the problem?????

[Chopperboy]

Its the global elites who do the money laundering nearly $1tn in drug money per year.

Last year HSBC was fined $4.2bn (ref BBC)

This year it was the turn of Standard Chartered to get a little slap on the wrist.

The Elites don't like competition in their GOD businesses thats Guns, Oil & Drugs.

[nachiket]

Is this story scripted by the country who has WAR ECONOMY?

[rickirs]

This index has questionable meaning and use. The bottom ten (thus, the best to guard against money laundering vulnerablity) include:

Finland, Estonia, Slovenia, Lithuania, Bulgaria, New Zealand, Belgium, Poland, Malta, and Jamaica.

Somehow I don't believe some of these countries (ie., in bold) have better regulations, transparency, and rule of laws in place to discourage money laundering than financially advanced countries like the US, UK , Australia, and Canada. China ranks #70 better than the US at #110 and Canada at #108! The article does note that it only scores vulnerability and not actual occurences nor convictions - about as useful as buying a Rolex from a Thai street vendor. When you look at the countries that rank worse (higher) than Thailand, the differences in ranking is almost meaningless.

ref. http://index.baselgovernance.org/index/Index.html#ranking

[surangw]

not that risky for the ones doing the laundering is more like it.

[manarak]

It all comes down to the people who do it, not the bank they work for. So far, no banker has gone to prison for money laundering.

what planet do you live on?

many bankers have already gone to prison for that and connex activities.

many countries' tax systems and laws motivate a lot of people to hide money.

terrorists use the same structures, and the inquisition-like powers of tax services dissuade anyone from reporting suspicious accounts for fear of putting tax authorities on the trail of non-terrorists.

solutions:

- reduce money laundering and tax evasion by changing the way taxes are levied

- make clear firewalls between counter-terrorism and investigation of tax fraud, accounts reported for suspicion of terrorism should not be forwarded to fiscal authorities

[MJP]

2% for cash and 0.25% for wire transfers was always the laundry cost at 333 Silom Road.

[Strangebrew]

First of since living here for the time I have I have seen a lot and heard a lot. I know some bar owners have bars as front for money laundering here especially in Pattaya. Most are Russian owned with some Americans Aussi's and Brit's as owners. also Hong Kong another place for dubious money practices. but bars are the easiest to do this thru with cash exchange done in the open.

[Chopperboy]

It all comes down to the people who do it, not the bank they work for. So far, no banker has gone to prison for money laundering.

what planet do you live on?

many bankers have already gone to prison for that and connex activities.

No one went to prison from HSBC or any other major bank RE money Laundering.

[belg]

i tought, thailand being part of the golden triangle for importing and distributing drugs, would be on the top ...

farangs have it difficult to get their monnies out

thai people can buy whatever land/house/cars they want in other countries, no problem at all