Thailand improves anti-money laundering law in bid to upgrade TIP rating
Thailand’s law against money laundering is being improved in an effort to boost the country’s standing in the US State Department’s Trafficking in Persons (TIP) report, the government said.
Spokesperson Ratchada Dhnadirek said on Monday that the amended version of the Anti-Money Laundering Act will focus on three points:
- Compensating victims for damage done to life, body, mind, freedom, hygiene and fame via actions that are part of a larger crime.
- Giving victims the right to seek compensation and appeal in court if they have unknowingly become involved in criminal activities.
- Allowing the court to instruct the Anti-Money Laundering Office to sell wrongly accumulated assets, transfer the money to the country’s treasury, and provide compensations.
The amended law was published on the Royal Gazette website last Tuesday and will go into effect in 60 days.
Ratchada said these amendments were in line with the international anti-money laundering law and efforts to tackle the financing of terrorism. The law has also been amended to help improve Thailand’s TIP standing.
She said related state agencies were working on the organic law to set up criteria, processes and conditions. This way, she said, victims will have easier access to justice, while the authorities can deal with money laundering more efficiently and improve the country’s image.
Thailand has been working hard in its fight against human trafficking after it was downgraded to Tier 2 Watchlist in 2021 from Tier 2 in 2020.
The hard work has paid off because the country was upgraded to Tier 2 this year, though Prime Minister Prayut Chan-o-cha has said he hopes Thailand will be upgraded to Tier 1 soon.
