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Anti-Money Laundering Office to Ban Terrorist Group as Anti-Money Laundering Policy

Sihanart said the terrorists were not Thais but 227 foreigners and 64 foreign firms

Sihanart said the terrorists were not Thais but 227 foreigners and 64 foreign firms

 

BANGKOK – Thai Anti-Money Laundering Office (AMLO) will request the Justice minister to endorse a list of almost 300 people and firms classified as international terrorists or terror groups by the UN’s Security Council, authority said Tuesday.

AMLO secretary-general Sihanart Prayoonrat said the agency had received the list from the Foreign Ministry. It will ask Justice Ministry to issue an order to endorse the list and announce it.

Sihanart said the terrorists were not Thais but 227 foreigners and 64 foreign firms.

Pol Col Seehanat Prayoonrat, secretary general of the Anti-Money Laundering Office (AMLO), said the list of global terrorists, supplied by the United Nations, will be given to commercial banks which are required to instantly cease business with them or transfer their assets.

Failing to do so makes the institution subject to a one million baht fine and a daily penalty of Bt10,000 until the bank follows the AMLO instruction. Executives or employees of financial institutions refusing to cooperate are liable to a three years’ imprisonment and a Bt300,000 fine.

The announcement is aimed at convincing the Financial Action Task Force (FATF) that Thailand is cracking down on money laundering and terrorist financing activities.

The Foreign Ministry forwarded the list to AMLO, which verified the names.

After the announcement, the government will report its action to the Asia/Pacific Group on Money Laundering (APG) in Sydney. The group’s next meeting will be held in Shanghai in July.

The FATF is the global body that sets standards for anti-money laundering and terrorism finance laws.

In February last year, the FATF named Thailand as one of 15 countries on its dark-grey list due to its failure to take adequate steps against money laundering and terrorist financing.

The FATF in February agreed to upgrade Thailand’s status from dark grey to grey following the passage of two bills to amend the Anti-Money Laundering Act and the Anti-Terrorism Act, according to the Bangkok Post newspaper.

Sihanart said the names could be found on the AMLO website at www.amlo.go.th

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