Tarisa urges urgent compliance
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Former Bank of Thailand Governor Tarisa Watanagase urged the government to quickly issue relevant laws on money laundering, to avoid associated risks to banks and business enterprises.
"Without compliance, the operating cost would rise. This is a point of concern for commercial banks, particularly foreign ones. (Foreign banks) regulators also do not support business doing in the country (being on the blacklist). (In case of transactions), they are required to impose higher fees to compensate risks.
"If this issue is not fixed quickly, more problems can follow," Tarisa said during a seminar hosted by Bank of Tokyo-Mitsubishi UFJ.
Thailand last week was enlisted by the Financial Action Task Force on Money Laundering on the absence of cooperation to the international organisation's efforts.
