Money-laundering law still falls short | Bangkok Post: news

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Money-laundering law still falls short

Banks told to gather, verify customer data

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The Financial Action Task Force (FATF) has demanded Thailand improve the draft amendment of its anti-money laundering law and issue a new "Know Your Customer" law requiring banks to gather and verify customer information. 

Anti-Money Laundering Office secretary-general Seehanart Prayoonrat yesterday said the FATF had removed Thailand from its list of high-risk countries for financial transactions, but has warned that more work needs to be done to stamp out money laundering.

The inter-governmental body, set up to curb money laundering and terrorist financing, agreed on Friday at a meeting in Paris to upgrade Thailand's status from "dark grey" to "grey" on its list of countries vulnerable to financial crimes.

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