Thailand To Tighten Money Laundering

[george]

Thailand to tighten money laundering

BANGKOK:-- Thailand on Wednesday moved to tighten money laundering controls to counter suspected terrorists, gave the green light to financial institutions to monitor cash deposits by certain groups of people -- especially politicians -- with overseas bank accounts.

Deputy Prime Minister Pridiyathorn Devakula, who also serves as Minister of Finance, said after presiding over an Anti-Money Laundering Office (AMLO) meeting that the participants discussed whether AMLO had power to freeze money suspected of being transferred by terrorists.

He said financial institutions, including gold traders, are willing to cooperate in a probe on money transactions and their origins once the law is enforced.

Kitti Limchaikit, secretary general of the Office of the Narcotics Control Board (ONCB), said the meeting also discussed the definition of terrorism because the Thai terrorism law now runs in parallel to money laundering law.

Money used for terrorism could be "clean" as it arrives after being donated by private organizations and foundations, while money laundering is not, Kitti explained.

Financial institutions will also be required to closely monitor the financial circumstances of certain groups of people -- politicians, high ranking government officials, antiques and gold traders, for example, Kitti was quoted by the Thai News Agency as saying.

Gold traders have agreed to cooperate in the scheme if dealings are worth more than 100 million baht (2.86 million U.S. dollars) annually, in line with standards set by the United Nations, he said.

Concerned government agencies will specify later which professions needed to be monitored closely regarding how their money is obtained when deposited in financial institutions.

-- Xinhua/Agencies 2006-12-14

[george]

Govt may broaden transaction reporting to fight terrorism

BANGKOK: -- The government may soon demand more individuals and organisations report their transactions, a top official revealed Wednesday.

Secretary-general of the Office of the Narcotics Control Board Kitti Limchaikit said non-profit organisations, politicians and owners of gold and jewellery shops and antique dealers may be required to report transactions.

He revealed the development after attending an Anti-Money Laundering Office (AMLO) board meeting.

Broadening of transaction reporting will more effectively control terrorism allegedly funded by some non-profit organisations.

The AMLO reporting requirement for shop owners and politicians is in line with United Nations' rules being applied in many countries, Kitti said.

However, the reporting requirement will be applied only to those with annual transactions of Bt100 million and more.

-- The Nation 2006-12-14

[mongoose]

Govt may broaden transaction reporting to fight terrorism

However, the reporting requirement will be applied only to those with annual transactions of Bt100 million and more.

-- The Nation 2006-12-14

yeh, terrorists always need a lot more than Bt 100 million to do anything so this will be very effective. they will all have to go to Singapore and pay a lot of extra money to have nomonies do the money transfers for them. Great idea from the new government.

[brazil]

the thai government can only limit legal transactions for goods or services. If the terroists use the black market then no one can determine how much money is being brought into thailand.

the chinese are a great example and so are the indians. some use money launderers at a rate of 1.5% and when the money is given to those agents, then the next day the money is deposited in any given account in the world by cash transactions using local citizens. the money never actually leaves a country. the chinese black market will have offices in most countries around the world and they are all in some way connected. i am also sure that people will not just have one bank account to place the funds but a variety of accounts under various names and businesses.

so if the chinese and and indians can get around the system, i am sure the terroists can.

[eyespan]

Wouldn't it be better with a free for all kind of situation. I don't understand the Thai intelligence service, or is it non-existant at all. There are always links and money usually provide the greatest clues to 'whodunnits'. They've supposedly caught so many in the Liberation movement in the South and is still not able to crack the organisation.

Anti-money laundering? Definitely. Anti-terrorists? Maybe not.

[mouse]

I don't understand the Thai intelligence service, or is it non-existant at all.

:D

[Firefan]

My biggest worry when I see this kind of news is whether it will not make things even harder for foreigners living here (more paper work, more scrutiny, stamps, verifications, certifications, letters Etc.).

At 100 M Baht I JUST manage not to be affected!

Joking aside, banks Etc. will probably anyway start asking for even more info than today.

Cheers!

[h90]

Govt may broaden transaction reporting to fight terrorism

However, the reporting requirement will be applied only to those with annual transactions of Bt100 million and more.

-- The Nation 2006-12-14

yeh, terrorists always need a lot more than Bt 100 million to do anything so this will be very effective. they will all have to go to Singapore and pay a lot of extra money to have nomonies do the money transfers for them. Great idea from the new government.

For 1 max 2 million I can easily blow away an embassy or blow away a quater of the new airport. That things are not expensive not the technologie is difficult. Bombing a big hotel is even easier.

I just don't know why it does not happen. Either there is not that much danger or the terrorists are complete idiots or both.

[IMA_FARANG]

Wouldn't it be better with a free for all kind of situation. I don't understand the Thai intelligence service, or is it non-existant at all. There are always links and money usually provide the greatest clues to 'whodunnits'. They've supposedly caught so many in the Liberation movement in the South and is still not able to crack the organisation.

Anti-money laundering? Definitely. Anti-terrorists? Maybe not.

Quote: Anti-money laundering? Definitely. Anti-terrorists? Maybe not.

As the saying goes those who know do not speak, those who speak do not know.

Counter-terrorist activites are almost never heard of when they succeed, but everyone talks about the failures.

The Thai government (and even the Malaysian government) co-operate on a daily basis to try to locate and ferret out the terrorists in the South of Thailand. The sucesses are something you never hear about, but you only hear about the failures.

Recently the Saudi government has had a major success rolling up a Al Queda cell in Saudi Arabia, that was planning attacks against the Saudi oil facilities. Have you even heard anything about that on the news? Not likely.

Anyhow, that's the end of my rant for today.

[eyespan]

As the saying goes those who know do not speak, those who speak do not know.

You have as much to say don't you IMA?

Well..... I would just say I don't know much, just don't like the way people keep dying in my part of the town here in South Thailand.