Thai AMLO ready to exercise new anti-money laundering/counter-terrorism financing laws

BANGKOK, December 25 (TNA) - Thailand's Anti-Money Laundering Office (AMLO) is educating people and journalists about the new Anti-Money Laundering Act and the new Counter-Terrorism Financing Act, which take effect in January 2013, hopefully to convince the Paris-based Financial Action Task Force (FATF) to exclude Thailand from its dark-grey list of “high risk” countries. As part of the move, AMLO Secretary-General Seehanat Prayoonrat had a meeting with representatives of civil organizations and local journalists nationwide in Thailand's central Ayutthaya Province on Monday to inform them of the upcoming imposition of the two new laws, as their enforcements are set before the FATF’s next meeting in February 2013, during which it is expected to resolve to exclude Thailand from the dark-grey list. Police Colonel Seehanat acknowledged that a number of people have been reportedly hired to open bank accounts and the practice has been the most active in Chiang Mai province in the Thai North, especially in border villages, resulting in there are now about 3,000 such accounts in all banks in the country. The AMLO chief said that after the two new laws take effect, his office will take strict actions and financial institutes involved will be fined 500,000 baht per case and additionally 5,000 baht per day of the validity of such bank accounts, and that the new laws will also enable victims of fraud to retrieve their money. According to the AMLO chief, at present, FATF and its partners are aware of Thailand’s intention to improve relevant laws and they have not, thus, exercised any harsh measures on the country. Meanwhile, the Asia/Pacific Group on Money Laundering reportedly plans to exclude Myanmar from its membership as the neighbouring country has not moved to change its laws to tackle money laundering. (TNA)