Cabinet approves Amlo's funds scrutiny draft regulationDeputy government spokeswoman Rachada Dhnadirek poses for photos with Thai Journalists Association president Mongkol Bangprapa on Sept 11, 2019. (Photo by Apichart Jinakul)The cabinet has approved a draft regulation which would allow financial institutions to scrutinise their customers' sources of money, in a move to combat money-laundering and terrorist financing. "The draft contains a set of improved criteria to examine the information of financial institutions' customers," said Ms Rachada. The draft regulation was proposed after Thailand failed to meet International Standard for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), with seventeen areas listed as needing further improvements. "The problem is that Thailand's current anti-money laundering law only covers financial institutions, but not other businesses," said Ms Rachada.

Source: Bangkok Post October 02, 2019 11:26 UTC