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National Corporate Governance Committee (NCGC) and Anti-Money Laundering Efforts in Thailand

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Introduction

In 2002, the Thai government designated a year for promoting good corporate governance. In response to this initiative, the National Corporate Governance Committee (NCGC) was formed on February 5, 2002. The NCGC aims to upgrade the level of corporate governance in Thai businesses.

Main Points

• Formation and Mission: The NCGC consists of 18 members from both public and private sectors. Its mission is to establish policies, measures, and schemes to improve corporate governance, promote guidelines for good corporate governance, and monitor progress and evaluate performance.
• Committee Structure: The Corporate Governance Subcommittee has formed an Anti-Money Laundering - Combating the Financing of Terrorism (AML-CFT) Working Group with 26 members. This group studies and assists in the Report on Observance of Standards and Codes (ROSCs) on AML-CFT.
• Responsibilities of the AML-CFT Working Group:
  • Study scope and requirements
  • Formulate action plans
  • Monitor outcomes
  • Advise on compliance procedures
  • Report results

Conclusion

The National Corporate Governance Committee plays a crucial role in promoting good corporate governance and preventing money laundering and terrorist financing in Thailand. The AML-CFT Working Group’s efforts will help ensure that Thai businesses comply with international standards and regulations to prevent financial crimes.