House passes law targeting funding for terrorism
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The House yesterday passed the anti-financial sponsorship of terrorism law and the amendment to the Anti-Money Laundering Act that were needed to remove Thailand from an international blacklist and help businesses conduct foreign transactions.
The anti-financial sponsorship of terrorism law had been proposed because even though Thailand already has an anti-terrorism law on its books as part of the Criminal Code as well as anti-money laundering laws, it did not have any instruments to prevent funds from getting to terrorists.
Passing the laws helps relieve businessmen, said Sihanart Prayoonrat, secretary-general of the Anti-Money Laundering Office (AMLO).
Once the law is enforced, AMLO will proceed to exclude the country from a blacklist enforced by Europe’s Financial Action Task Force, which is seen as an impediment to international financial activities in Thailand.
Although many MPs, including red-shirt leaders charged with terrorism, voiced concern that the law might be a violation of human rights, the bill was approved by a vote of 362-1.
Under the law, authorities can block financial transactions involving terrorists or suspected terrorists who are included on the United Nations blacklist.
Those found to have any connection with terrorists or providing financial support to terrorists will face a maximum penalty of three years in prison and/or a maximum fine of Bt300,000, a draft of the bill obtained by The Nation showed.
Those controlling property found to be connected with providing funds for terrorists will be fined up to Bt1 million as well as charged Bt10,000 per day until such time the monetary transactions are brought to an end.
People who know, used to know or have done business with people listed as terrorists by the UN have the obligation to report to authorities. Failing to do so can subject them to fines of up to Bt500,000 and Bt5,000 per day if they continue to maintain contacts with terrorists.
Those accepting property or money or making arrangements for monetary transactions to support terrorists or organisations they know are connected with terrorism activities will face two to 10 years in prison and/or a fine of Bt40,000-Bt200,000.
Juristic bodies such as companies or foundations that are found committing wrongdoings under this law could be fined Bt500,000-Bt2 million. Managers or the personnel of such entities found to be directly involved in monetary transactions or any other related wrongdoing could face two to 10 years in prison and/or a fine of Bt40,000-Bt200,000.
The list of predicate offences in the Anti-Money Laundering Act was extended and the wording revised to be consistent with international standards. The amendment was supported by 371-0.
