Thailand fully withdrawn from FATF's Public Statement
June 26, 2013 00:00 By Piyanart Srivalo The Nation
Thailand is fully removed from the "Public Statement" of the Financial Action Task Force (FATF) for improvements in compliance with the global anti-money laundering (AML) and counter-terrorist financing (CFT) standards.
Secretary-General of the Anti-Money Laundering Office (AMLO) Pol. Col. Sihanart Prayoonrat said the removal followed the discussion in Oslo, Norway, during June 17-21, where Thailand informed FATF of further progress.
Removed from the "Public Statement" means Thailand is no longer on the list of countries at risk of money laundering by terrorist groups. Included on the list, countries could face sanctions by FATF member countries which could affect cross-border business and financial transactions.
Thailand has improved the compliance by a number of actions including the issuance of ministerial regulations on cash threshold transactions. FATF also required member countries to adequately criminalising terrorist financing and establishing and implementing adequate procedures to identify and freeze terrorist assets.
According to Sihanart, during the discussion in Norway, Thailand was urged to raise awareness on legal enforcement among all parties, as some non-financial business operators still lack understanding in the counter-terrorist financing standards. AMLO is also urged to impose penalties on blacklisted individuals.