Financial Crime World

THAILAND’S ANTI-MONEY LAUNDERING ACT GETS A MAJOR OVERHAUL

The Thai government has made significant changes to the country’s anti-money laundering laws, aimed at strengthening the nation’s efforts to combat financial crime and protect its citizens from illicit activities.

History of the Law

Passed in 1999, the Anti-Money Laundering Act (No. 6) B.E. 2564 (2021) has undergone a major overhaul, with the introduction of new provisions that enhance the country’s ability to detect and prevent money laundering.

Key Changes to the Law

The revised law introduces several key changes, including:

  • Strengthened Regulations on Property Ownership

    The law now requires individuals who claim to be interested parties in a property to provide proof of their ownership or acquisition of the property in good faith. This change aims to prevent money laundering through real estate transactions.

  • Enhanced Protection for Injured Parties

    The law provides greater protection for individuals who have been directly affected by financial crimes, including those who have had their properties seized or frozen. This includes provisions for compensation and assistance for victims of financial crime.

  • Increased Penalties for Non-Compliance

    The revised law introduces stricter penalties for individuals and organizations that fail to comply with anti-money laundering regulations. This includes fines, imprisonment, and other sanctions.

Impact on Fintech and Business in Thailand

The overhaul of the anti-money laundering laws is expected to have a significant impact on Thailand’s fintech industry, as well as businesses operating in the country. Companies will need to adapt to the new regulations and ensure that they are compliant with the revised law.

Additional Resources for Businesses and Individuals

For more information on the revised anti-money laundering laws and how they may affect your business or personal activities, please visit the following resources:

  • Thai Ministry of Finance: The official website of the Thai Ministry of Finance provides detailed information on the revised anti-money laundering laws and regulations.
  • Bank of Thailand: The Bank of Thailand website offers guidance on anti-money laundering regulations and compliance requirements for financial institutions.