New anti-money laundering laws enforced, unlocking Thailand from financial sanctions

BANGKOK, April 11 (TNA) - Thailand has enforced new anti-money laundering laws to convince the Paris-based Financial Action Task Force (FATF) to remove the country from the FATF's list of countries facing its possible financial sanctions. Thai Justice Minister Police General Pracha Promnok announced the enforcement of the new anti-money laundering act and the counter terrorist financing act on Thursday, saying that the Thai government will later publicize lists of terrorists to prevent local financial institutes from doing transactions for them. Police General Pracha acknowledged that the FATF will examine the imposition of the new Thai laws next month and the Thai government will then ask the FATF to remove Thailand from its list of countries likely facilitating money laundering in its forthcoming meeting in Norway this June. A total of 135 security-related organizations in Thailand are required to impose the new anti-money laundering laws. Seehanat Prayoonrat, Secretary-General of the Anti-Money Laundering Office (AMLO), confirmed, meanwhile, that his office will announce the lists of terrorists late this month, consisting of the names of international terrorists from the UN sanctions list and those of local terrorists approved by the Civil Court, noting that the local terrorists include over 4,000 people wanted under terrorism-related arrest warrants and a certain number of people with terrorism-related movements, with the first lot to be announced comprising about 100 people. Police Colonel Seehanat suggested although the Thai government has peace negotiations with insurgents in the violence-plagued Thai far South, the counter terrorist financing laws is to be imposed, as his office has discovered suspicious money transactions worth over one billion baht in Narathiwat province alone, which is even higher than money transferred in Ranong and Sa Kaeo provinces, where border trade is active, implying illicit businesses in Narathiwat and the new anti-money laundering laws will be seriously exercised there to block funds for terrorists. (TNA)