Thailand’s Central Bank Steps Up Anti-Money Laundering Efforts

Thailand’s central bank has announced a series of new measures to combat money laundering.

The measures include:

• Tightening regulations on the use of nominee companies and trusts.
• Increasing the number of financial institutions required to report suspicious transactions.
• Establishing a new financial intelligence unit to coordinate anti-money laundering efforts.

The new measures are part of Thailand’s efforts to comply with international standards on anti-money laundering. Thailand is a member of the Financial Action Task Force (FATF), which sets the global standards for anti-money laundering and counter-terrorism financing.

The FATF has been critical of Thailand’s anti-money laundering efforts in the past. In 2019, the FATF placed Thailand on its “grey list” of countries with weak anti-money laundering controls.

The FATF’s grey list is a list of countries that have been identified as having deficiencies in their anti-money laundering and counter-terrorism financing regimes. Being on the grey list can make it more difficult for countries to do business with international banks and other financial institutions.

The new measures announced by Thailand’s central bank are a step in the right direction. They should help Thailand to improve its anti-money laundering controls and remove the country from the FATF’s grey list.