AMLO 'helpless' about foreign banks refusing transactions
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The Anti-Money Laundering Office (AMLO) could do nothing about foreign banks' refusal to conduct financial transactions with Thai banks, AMLO chief Seehanat Prayoonrat admitted yesterday.
He was commenting about Thailand being on a watch-list of the Financial Action Task Force (FATF) for money-laundering and terrorist financing since February.
But he said the state agency could push for legal measures and improve AMLO’s work standard to meet the FATF’s international standard.
He said Thailand and AMLO had asked the FATF and International Monetary Fund (IMF) to understand Thailand’s intention to get off the watch-list.
The Thai Parliament has just passed new laws against money laundering and terrorist financing, which should take effect in December, while the FATF is due to assess Thailand’s position again in February. So, he expected the country’s position should improve, as the bills should enable it to get off the international watch-list.
Seehanat was commenting about the US banks refusing to do money transactions for Thai embassy staff in Washington on the grounds that Thailand is on the FATF watch-list.
He said the Thai embassy had informed AMLO that staff could not cash cheques issued by a Thai bank or open a new savings account to put money in because Thailand was on the watch-list.
He explained that opening a new savings account was difficult as banks had to spend more money checking a lot of information so they had refused to open a new account.
So, staff had to deposit the cheque into a personal bank account opened before Thailand was put on the watch-list, he said.
