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Thai Cabinet endorses bill to prevent financing of transnational crimes

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Cabinet endorses bill to prevent financing of transnational crimes

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BANGKOK, 27 April 2016 (NNT) - The Cabinet has endorsed a bill to prevent financial support for transnational crimes.

Government Spokesperson Maj Gen Sansern Kaewkamnerd said the bill was proposed by the Anti-Money Laundering Office (AMLO) after Thailand entered an agreement with other nations. The agreement has led to the creation of the Financial Action Task Force (FATF), which will ensure that measures are taken among member nations.

The spokesperson spoke of the need for relevant legislation, as the FATF will begin its assessment of signatory nations later this year. AMLO will reveal a list of individuals suspected of financing transnational crimes. The list will first be approved by the Cabinet before AMLO can freeze their assets.

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the noose is tightening

I remember recently wanting to send back about 300 quid I owed my brother in the UK. The stipulations were mad. I asked why they're so strict for such a small amount and was told, "we have to protect against money laundering. We need to know where your money has come from". Fair enough if you really are trying to combat laundering.

On the other hand, I've deposited over 100k Baht a few times. They never once asked where that money was from. They were just happy to take it.

For incoming money Thailand is the Land of Smiles (easy to do); for outgoing money Thailand is the Land of Frowns (not so easy to do).

So they will be investigating their people with accounts in Panama and elsewhere?

The list will first be approved by the Cabinet before AMLO can freeze their assets.

Why?

I would think approval would come from the Attorney General Office, not the Cabinet.

Otherwise the PM essentially controls whom AMLO's efforts are directed, ie., away from military/government.

AMOL essentialy can become a financial terrorist tool of the government where there are inadequate checks and balances on the government abuse of power.

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