Thai Agriculture Min & AMLO ink anti-money laundering deal

Min of Agriculture & AMLO ink anti-money laundering deal



BANGKOK, 4 November 2015 (NNT) - The Ministry of Agriculture and Cooperatives has signed an anti-corruption agreement with the Anti-Money Laundering Office to prevent and suppress graft in cooperatives.

The memorandum of understanding was signed between the Cooperative Promotion Department, the Cooperative Auditing Department and the Anti-Money Laundering Office (AMLO). The signing ceremony was chaired by Agriculture and Cooperatives Minister Gen Chatchai Sarikalya.

The deal is expected to enable the three organisations to audit the financial activities of all cooperatives and penalize wrongdoers more efficiently, thus preventing officials from exploiting management loopholes for the purpose of money laundering.

If the Cooperative Promotion Department or the Cooperative Auditing Department detects any irregularity during their inspections, they will forward the matter to the AMLO for investigation.

Any agency found to have broken the law will face a fine of at least one million baht and an additional 10,000 baht per day from the date of the offense.

-- NNT 2015-11-04