Pattaya Daily News

28 February 2013 :: 16:02:00 pm 72437

Thailand May be Cut From Terrorism Money Blacklist

Thailand may be removed from a blacklist of countries that have excessive money laundering activities and financing of terrorism organizations. The action is being taken by the Financial Action Task Force (FATF), an international anti-terrorism body dealing with financial matters.
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THAILAND – Febuary 27,2013 [Pattaya Daily News]; An inspection team from an anti-terrorism organization will visit Thailand in May, as part of the process to remove Thailand from a blacklist of countries considered to have a prevalence of money laundering and other means of financing terrorists.

The visiting team is from the Financial Action Task Force (FATF), an inter-governmental body established in 1989 with 34 member nations. FATF is involved in combating terrorism by tracking money laundering and various methods of financing used to support terrorists.

The news of Thailand being dropped from FATF’s “Blacklist” was made by Pol. Col. Dr. Seehanart Prayoonrat, the general secretary of the anti-money laundering office. He announced the results of the February 18-22 FATF meeting held in Paris, France.

The FATF members agreed that Thailand has progressed greatly in improving its debugging of various international standards for anti-money laundering and terrorism financing. Accordingly, the members have decided to remove Thailand’s name from the blacklist of high-risk countries supporting terrorists financially.

However, the process to completely remove a country from the blacklist requires FATF to send its experts to examine the country’s money security systems to fix the flaws concretely, Dr. Seehanart said.

The corrective actions would include:

1. Set the new Ministry regulations to specify to know the facts about the customers to fully comply with international standards.

2. Release an Anti-Money Laundering Act. (Amendment No. 5) to correct the defects still remaining in the main points to be progressed concretely.

3. Enforce the Act of Money Laundering Prevention and Suppression and the Act of Financing of Terrorism Prevention and Suppression seriously and effectively.

4. Strengthen and supervise financial institutions and the financial sectors to allow pragmatic and effective compliance with the two Acts stated.

The expert team from FATF will come to Thailand in May 2013. If the result shows that Thailand has done all the above to their satisfaction, team members will relay their comments to the FATF meeting in June in order to remove Thailand from the blacklist completely.

Photo : Internet   Category : Thailand News

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