Thailand

New Documents

Thailand Regulator Freezes Assets Tied to Illegal Gambling, ML

The Anti-Money Laundering Board in Thailand announced the temporary freezing of assets in a major online gambling and money laundering case.

May 25, 2023

BIS, Other Regulators Publish Joint Report on Multi-CBDC Arrangements

The Bank for International Settlement published a report on Project mBridge, an initiative and study into the possibilities offered by multiple central bank digital currency arrangements.

October 26, 2022

US, Thailand Representatives Share Joint Communiqué on Tackling Crime

July 11, 2022

AMLO of Thailand Recommits to Combating Wildlife Trafficking

February 18, 2022

Bank of Thailand Warns Against Certain Uses of Digital Assets

December 3, 2021

News

Midweek Roundup: US Blacklists Chinese Companies Over Balloon Incursion, Another EU Lawmaker Charged in Bribery Probe, and More

U.S. banks criticize “fatally flawed” beneficial-ownership access proposal, U.K. regulator raises alarm over cryptocurrency ATMs, and more, in the midweek roundup.

February 15, 2023

Weekly Roundup: FinCEN Publishes Beneficial Ownership Access Rule, German FIU Chief Resigns, and More

FTX executive admitted company covered financial losses with customer deposits, defrauded Kazakh bank wins New York lawsuit, and more, in the weekly roundup.

December 16, 2022

Midweek Roundup: DOJ Outlines Compliance Certification Plan, Treasury Wants More Reporting on Russian Transactions, and More

March 23, 2022

Midweek Roundup: Biden Orders Cryptocurrency Review, FinCEN Warns of Russian Sanctions Evasion, and More

March 10, 2022

Weekly Roundup: FinCEN Risks Breaching Ownership Database Deadline, Pakistan Accuses India of FATF Meddling, and More

November 5, 2021

Enforcement Actions

0 Items Found

Key Documents

Thai Government Issues Anti-Money Laundering Act, 1999

April 10, 1999

Thailand Amends AML Legislation

March 1, 2008

Thailand's Government Issues Amended AML Act, 2013

February 1, 2013

Thailand Enacts Counter Terrorism Financing Act

February 1, 2013

Thailand Prohibits Money Laundering, Creates AML Regulator

April 20, 1999

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