Connect with us

Thailand

Thai banks to report B500k transactions to counter money laundering

Legacy Phuket Gazette

Published

 on 

image
image

PHUKET MEDIA WATCH

– Thailand news selected by Gazette editors for Phuket’s international community

Thai banks to report B500k transactions to counter money laundering
The Nation / Phuket Gazette

PHUKET: Financial institutions are ready to cooperate with the National Anti-Corruption Commission (NACC) in reporting cash transactions exceeding Bt500,000 per transaction and property transactions by politicians and government offices that exceed Bt1 million.

This follows an aggressive action by the anti-graft body to tackle money laundering. It will issue a list of transactions that financial institutions are required to report to the NACC in the next few months. The move is in addition to the work carried out the Anti-Money Laundering Office (AMLO).

The NACC on Wednesday held its annual meeting with representatives of financial institutions and other agencies relevant to the body’s investigative powers.

NACC chief Panthep Klanarongran said it was looking at changing regulations to be more effective in preventing corruption.

Currently, national and local political office holders as well as senior government officials are required to declare their assets to the NACC only when they take and leave a post and one year after they take and leave a post. The NACC cannot examine transactions that occur while someone is in a job.

Kasikornbank executive vice president Surasak Dudsdeemaytha said the request by the NACC was no trouble for the banks, as they generally reported individuals’ cash transactions in excess of Bt2 million and property transactions exceeding Bt5 million to AMLO.

Currently, bank clients who do a transaction in line with the aforementioned amounts are also required to provide sufficient identification, according to financial institutions.

A positive step

“If the NACC requests it, we can report the transactions of those [politicians and government officials],” Surasak said “However, it will be better if the NACC sends ID cards to banks, as it will be quicker for banks to report the transactions that way,” he suggested.

Asking for the cooperation of banks in this matter is a positive step as the banking business is one mechanism to help the state monitor financial transactions, he said.

Kittiya Todhanakasem, first senior executive vice president at Krungthai Bank, said the bank was ready to cooperate with the NACC as it had previously reported suspect transactions to the AMLO.

NACC deputy secretary-general Warawit Sukboon said the graft fighter would reconsider the amount of money set as the ceiling.

“Because there are concerns from some financial organisations that the amount of money is too low [meaning too many transactions will have to be reported], the NACC is ready to listen to all opinions and adjust it so that the financial institutions’ burden is not too much,” Warawit said.

“However, it must be the best solution for the country at the same time.

“The NACC sees the amounts as suitable as the political office holders and government officials have a maximum income of Bt100,000 monthly.

“But for property, we agree the ceiling should be increased from Bt1 million. We will discuss this with financial institutions and find a solution. It is expected that the new regulation should be announced within three months.”

Democrat Party secretary-general Chuti Krairiksh supported the decision to lower the ceiling for the reporting of financial transactions involving political office holders.

The decision aims to impose stricter rules for politicians, he said, though he is personally not worried and will follow the new rules.

Chuti suggested that the new rules should be applied to senior government officials.

However the NACC and AMLO will have to work harder as the documents involved are expected to increase 50-fold, he said, adding that both agencies should recruit more officers.

— Phuket Gazette Editors

 

Get more from The Thaiger

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forum
🔔 Subscribe to our daily newsletter
📺 Subscribe / Join for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram

image

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Follow Thaiger by email:

Thailand18 mins ago

Thailand’s exclusion from US Summit for Democracy could impact foreign investment

Tourism22 mins ago

TAT predicts 500,000 travellers before 2022, 133,000 arrived so far

Thailand45 mins ago

Kanchanaburi park ranger reportedly stabbed co-worker, shot himself

Sponsored8 hours ago

Hungry Hub Bangkok Rooftop Festival 2021

advertiseadvertise
Crime1 hour ago

Former Deputy PM Suthep indicted over construction contracts

Transport2 hours ago

New variant casts shadow over Thailand Motor Expo, concerns outbreak could affect the industry

Thailand3 hours ago

Thai porn industry, Forget about Pattaya nightlife, Hualampong station | Thaiger Bites | Ep.72

image
Join the conversation on the Thaiger Talk forums today!
Transport4 hours ago

Cabinet sets aside over 5 billion baht to improve Bangkok’s public transportation

Drugs4 hours ago

Men arrested at Bangkok airport for allegedly smuggling drugs valued at 95 million baht

Thailand5 hours ago

Victoria’s Secret Thailand supplier faces labour abuse by laid off workers

Coronavirus World6 hours ago

Health officials say Omicron probably in the Netherlands prior to South Africa reports

Thailand7 hours ago

Thailand Top Stories | PCR testing to stay, more restrictions? Lifeguards off duty | Dec 1

Coronavirus (Covid-19)7 hours ago

Most face masks on sale in Thailand do not meet industry quality standards

World7 hours ago

Epstein pilot says Trump, Prince Andrew, Clinton all flew on late financier’s planes

Tourism7 hours ago

Cha-am permitted to sell alcohol in restaurants from December 1

Thailand8 hours ago

Possible lockdown, Crypto in Thailand, Transit system improvements | Good Morning Thailand | Ep.143

Thailand3 months ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand9 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism9 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket9 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism9 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand9 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism9 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand10 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand11 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand11 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand11 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand11 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand11 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand11 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand11 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending