Results 1 to 2 of 2
  1. #1
    Thailand Expat misskit's Avatar
    Join Date
    Dec 2009
    Last Online
    @
    Location
    Chiang Mai
    Posts
    48,105

    Politicians in NACC sights

    Financial institutions ready to report bt500,000 cash transactions in bid to tackle money laundering

    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 antigraft 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.

    More here: Politicians in NACC sights - The Nation

  2. #2
    Tax Consultant
    Thormaturge's Avatar
    Join Date
    Jul 2007
    Last Online
    @
    Location
    Bangkok
    Posts
    9,890
    Given that the average Thai bank official has no clue what constitutes money laundering this will make any private transaction over ThB 500,000 next to impossible.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •