Thailand

New Documents

The Bank for International Settlements Innovation Hub and four central banks jointly published a report concerning the potential use of central bank digital currencies and distributed ledger technology for cheaper and safer cross-border payments and settlements.

The Asia/Pacific Group on Money Laundering issued its second follow-up report on Thailand, reviewing the country’s progress in remedying deficiencies in its anti-money laundering and counterterrorist financing regime since the first follow up report of September 2018.

News

Enforcement Actions

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Important Facts

  • The U.S. Department of State classifies Thailand as a major money laundering jurisdiction. Thailand is particularly vulnerable to money laundering due to its porous borders, economy and uneven law enforcement. It is a source, transit, and destination country for illicit narcotics trafficking, wildlife trafficking and other contraband smuggling. Various sources of illicit proceeds include illegal gaming, official corruption, underground lotteries, and prostitution all of which are laundered through the country’s financial system. Funds are often transported across Thailand's four land borders through its airports and seaports, banks, non-financial institutions, and businesses. In the informal money changing sector, hawaladars service Middle Eastern travelers in Thailand. Thai and Chinese underground remittance systems are also prevalent. Thailand has numerous unlicensed, unregulated, informal remittance systems. The country's anti-money laundering compliance regime focuses on non-conviction-based asset seizure and forfeiture.
Source: 2020 International Narcotics Control Strategy Report (INCSR)  

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 4 High : 0
Largely Compliant : 27 Substantial : 4
Partially Compliant : 8 Moderate : 4
Non-Compliant : 1 Low : 3

Thailand's technical compliance was re-rated in a July 26, 2021 follow-up report

BASEL i

Rank : 33/141
Score : 6.01/10

TRANSPARENCY INTERNATIONAL i

Rank : 101/180
Score : 36/100

Tax Justice Network i

Rank : 17/133
Score : 73/100