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Anti-Money Laundering Laws in Thailand: A Summary of Key Points

Background and Context

The Anti-Money Laundering (AML) laws in Thailand are governed by various regulations, including the Policy Statement on Money Laundering and Terrorist Financing (PSMLA). The PSMLA aims to bring Thai AML laws in line with international standards.

Designated Non-Financial Businesses and Professions (DNFBPs)

The PSMLA applies to DNFBPs, which include dealers in precious metals. However, there are some limitations and exceptions to these requirements.

Section 16(2) of the PSMLA: A Closer Look

Section 16(2) of the PSMLA requires gold sellers to report certain transactions to the Anti-Money Laundering Office (AMLO). However, this section only applies to gold sellers who are juristic persons.

Why Does Section 16(2) Only Apply to Juristic Persons?

The text does not provide a clear answer to this question. However, it is suggested that the limitation of Section 16(2) may have been a practical consideration at the time of its implementation.

• In 2009, there were many gold sellers who were not registered as juristic persons.
• The Revenue Department encouraged them to register as juristic persons so that their income could be properly accounted for.

Conclusion

While it is unclear why Section 16(2) only applies to juristic persons, it is possible that this limitation was included in the law due to practical considerations. However, without further information or context, it’s difficult to say for certain why this limitation was included.