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Thailand to comply with the FATF’s requirements

Money laundering laws to change

The Anti-Money Laundering Act will be amended and strengthened by the end of this year because the intergovernmental Financial Action Task Force on Money Laundering (FATF) has blacklisted Thailand for not responding to its suggestions, Deputy Prime Minister Kittiratt Na-Ranong said on Thursday.

FATF, the prime international watchdog against money laundering, earlier put Thailand on its “dark grey list” and recommended it introduce stronger measures to block money laundering, which was a source of financial support for terrorist groups. Thailand has not responded to the recommendation.

Therefore, it has included Thailand on the list of high risk and non-cooperative jurisdictions failing to meet international standards.

A source said as a result of being blacklisted by the FATF, the cost of capital investment and financial transactions between Thailand and other countries would increase.

source:bangkokpost.com