Money-laundering bills get cabinet nod

Money-laundering bills get cabinet nod
Published: 20/05/2012 at 03:32 PM


The cabinet has approved in principle two draft bills aimed at fighting the funding of terrorism through money laundering in the hope the Financial Action Task Force on Money Laundering (FATF) will remove Thailand from its blacklist, Justice Minister Pracha Promnok said.

The approval was made at a mobile cabinet meeting in Kanchanaburi province.

Pol Gen Pracha said the first bill is intended to beef up the existing Anti-Money Laundering Act and the second bill is on the prevention and suppression of financial support for terrorism. Both pieces of legislation have been proposed by the Justice Ministry.

Approval in principle means the two draft bills will first be examined by the Council of State. After that they will be returned to the cabinet and then forwarded to the House of Representatives for deliberation.

The bill on prevention and suppression of financial support for terrorism contains measures to be taken against those supporting terrorism in the form of money or assets.

This is in response to the United Nations convention of 1999 for the prevention of financing terrorism and the National Security Council's (NSC) resolution No 1373.

Thailand was put on the FATF's grey-list in 2010 and its subsequent failure to follow up on enacting new laws on terrorism and money laundering led to the FATF's latest decision to put the country on its blacklist.

The FATF is responsible for setting global standards on fighting money laundering and combating the financing of terrorism.

Being on the FATF's blacklist will have a considerable effect on Thailand's business sector.

Therefore, the governement wants the two bills to be passed and put into effect before the end of Februay next year so that the FATF can consider removing Thailand from the blacklist, Pol Gen Pracha said.

Government spokesman Anusorn Iamsa-ard said Deputy Prime Minister Yongyuth Wichaidit will preside over the next cabinet meeting on May 29 as Prime Minister Yingluck Shinawatra will be away on an official visit to Australia between May 27-29.

Another mobile cabinet meeting will be held on June 18-19 in Chon Buri province. The meeting will be hosted by Culture Minister Sukumol Khunploem.


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