Thailand

New Documents

AMLO of Thailand Recommits to Combating Wildlife Trafficking

Thailand’s Anti-Money Laundering Office highlighted a meeting with an international nonprofit organization as well law enforcement agencies centered on combating wildlife trafficking.

February 18, 2022

Bank of Thailand Warns Against Certain Uses of Digital Assets

The Bank of Thailand warned against the use of digital assets as a meant of payment for goods and services.

December 3, 2021

BIS Innovation Hub, Multiple Central Banks Publish Joint Report on CBDC Platform for International Payments

September 29, 2021

APG Re-rates Thailand AML/CTF Compliance on Four FATF Recommendations

July 27, 2021

Thailand AMLO: Deputy Prime Minister Hosts Meeting on Combating ML/TF

June 8, 2021

News

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

U.S. officials weigh sanctioning Roman Abramovich, Societe Generale blocks payment from Abramovich-controlled U.K. firm, and more, in the midweek roundup.

March 23, 2022

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

U.S. senators seek sanctions on Russian gold, U.K. lawmakers advance economic-crime bill, and more, in the midweek roundup.

March 10, 2022

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

November 5, 2021

Midweek Roundup: FBI Closed Terrorist Financing Section, US Dollar Shortage Paralyzes Afghan Financial System, and More

September 1, 2021

Midweek Roundup: Deutsche Bank Pledges Compliance Overhaul, Dutch Lender Under Criminal Investigation, and More

June 16, 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