Thailand on money-laundering blacklist

Post by **BobHelm** » February 17, 2012, 6:31 pm

http://www.nationmultimedia.com/busines ... 76111.html

According to www.wisegeek.com, being on this list can have serious consequences, as financial transactions originating in or traveling to those countries are subject to more intense scrutiny and can make it difficult to do business internationally for those governments and their citizens.

The Financial Action Task Force on Money Laundering (FATF), an international money-laundering watchdog, on Thursday added Thailand, Pakistan, Indonesia, Ghana and Tanzaniato its blacklist of nations that fail to meet international standards.

Not exactly a happy bunch of countries on the list either.

The FATF blacklist now includes 17 countries. Aside from the five new ones, they are: Bolivia, Cuba, Ethiopia, Iran, Kenya, Myanmar, Nigeria, North Korea, Sao Tome and Principe, Sri Lanka, Syria and Turkey.

Post by **harmonyudon** » February 17, 2012, 7:44 pm

FATF wrote: Despite Thailand’s high-level political commitment to work with the FATF and APG to address its strategic AML/CFT deficiencies, Thailand has not made sufficient progress in implementing its action plan, and certain strategic AML/CFT deficiencies remain, although Thailand has faced external difficulties from 2009 to 2011 which significantly impacted the legislative process for the necessary laws and regulations. Thailand has taken steps towards improving its AML/CFT regime, including by substantially completing an AML/CFT risk assessment for its financial sector. Thailand should work on implementing its action plan to address the remaining deficiencies, including by: (1) adequately criminalising terrorist financing (Special Recommendation II); (2) establishing and implementing adequate procedures to identify and freeze terrorist assets (Special Recommendation III); and (3) further strengthening AML/CFT supervision (Recommendation 23). The FATF encourages Thailand to address its remaining deficiencies and continue the process of implementing its action plan.

http://www.fatf-gafi.org/document/18/0, ... _1,00.html

Terrorist assets?????

Post by **jackspratt** » February 17, 2012, 9:01 pm

harmonyudon wrote:
FATF wrote: Despite Thailand’s high-level political commitment to work with the FATF and APG to address its strategic AML/CFT deficiencies, Thailand has not made sufficient progress in implementing its action plan, and certain strategic AML/CFT deficiencies remain, although Thailand has faced external difficulties from 2009 to 2011 which significantly impacted the legislative process for the necessary laws and regulations. Thailand has taken steps towards improving its AML/CFT regime, including by substantially completing an AML/CFT risk assessment for its financial sector. Thailand should work on implementing its action plan to address the remaining deficiencies, including by: (1) adequately criminalising terrorist financing (Special Recommendation II); (2) establishing and implementing adequate procedures to identify and freeze terrorist assets (Special Recommendation III); and (3) further strengthening AML/CFT supervision (Recommendation 23). The FATF encourages Thailand to address its remaining deficiencies and continue the process of implementing its action plan.

http://www.fatf-gafi.org/document/18/0, ... _1,00.html

Terrorist assets?????

Under the current, generally accepted definition of "terrorist", this may get very close to the centre of power in Thailand - albeit they are offshore.

Post by **fdimike** » February 17, 2012, 9:39 pm

Lots of new coinstruction going on here in Udon some of which I really consider somewhat ill conceived. ie. the downtown mall just off the fountain circle which is just about vacant. I'm not saying this may be a great way to launder money but... Build something with dirty money and then sell it later for somewhat cleaner funds. Possible? I'm no expert but maybe. There's another large construction project taking shape just up from the clock circle on Udon Dutsadi Rd. Clean money/dirty money? Your guess is as good as mine.

Post by **greatsnake** » February 18, 2012, 1:12 am

fdimike wrote:Lots of new coinstruction going on here in Udon some of which I really consider somewhat ill conceived. ie. the downtown mall just off the fountain circle which is just about vacant. I'm not saying this may be a great way to launder money but... Build something with dirty money and then sell it later for somewhat cleaner funds. Possible? I'm no expert but maybe. There's another large construction project taking shape just up from the clock circle on Udon Dutsadi Rd. Clean money/dirty money? Your guess is as good as mine.

You've got the general idea fdimike. If you want to see this strategy in all its glory, go to Angeles City in the Philippines.

Post by **harmonyudon** » February 18, 2012, 9:52 am

harmonyudon wrote:
pienmash-in Udon threat wrote:....maybe Harmony is on the money being as there are large numbers of US servicemen in Udon regularly.......
Cant follow you on this, Jon?

Did not get answer.........talking about money and properties......

Post by **BobHelm** » February 18, 2012, 10:38 am

on the money

is an English colloquialism for
'correct'

Post by **trubrit** » February 18, 2012, 11:42 am

Talking of money laundering I have often wondered about some of the Farang In Thailand. What is the source of their funds. I don't mean the guys with a few million baht, that can easily be achieved with the sale of a modest property in England and I presume the US, but the rather ostentatious display ,as of the bloke recently attacked in Phuket, having a 20 million property and another that had a large yacht anchored off shore.Whilst some may have been the reward of genuine hard work or a rich Daddie, there must be an element that have transferred the spoils of illegal activity here. :-"

Post by **merchant seaman** » February 18, 2012, 12:34 pm

It shouldn't be hard for someone at the top looking down to figure out

Post by **trubrit** » February 18, 2012, 12:49 pm

merchant seaman wrote:It shouldn't be hard for someone at the top looking down to figure out

Ah but I have been in Thailand long enough to not say .

Post by **harmonyudon** » February 18, 2012, 12:58 pm

Phuket? This I understand.

uber luxury villas in Phuket. The Top 5 List is:

1) New Zealand’s wealthiest brothers, Richard and Christopher Chandler (one brother formerly CEO of the Sovereign Group) with a fortune valued at over US$ 2 billion according to Forbes.

2) Canadian Robert Friedland, of Ivanhoe Energy and Mines, with Forbes reporting a net worth of US$1.4 billion.

3) Hong Kong's Allan Zeman, who is regarded as the Father of Lang Kwai Fong. While his personal worth remains undisclosed he is highly ranked amongst Asia’s most wealthy and influential businessmen.

4) Finnish Formula One star Kimi Raikkonen, is the latest addition, earning a reported US$ 44 million per year and ranked by Forbes as the 5th highest paid sports star and 26th highest paid celebrity.

5) The British Binatone Founder, Gulu Lalvani, rounds out the list with his globetrotting celebrity and multi-million dollar personal fortune.

http://www.theboutiquevillas.com/news_789.html

They are really 'at the top looking down'. $\:D/$