Money-laundering law still falls short
Banks told to gather, verify customer data
- Published: 25 Feb 2013 at 00.00
- Newspaper section: News
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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