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Risk Assessment Methodology for Money Laundering, Terrorism Financing, and Proliferation Financing (ML/TF/PF) in Thailand

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The risk assessment methodology for ML/TF/PF in Thailand is based on the FATF ML/TF/PF risk assessment methodology. This approach involves three stages: identification, analysis, and evaluation.

Stage I Identification

Comprehensive Review of Inherent Risks and Risk Factors

• Conduct a comprehensive review of inherent risks and risk factors from multiple sources.
• Collect both qualitative and quantitative data to identify threats and vulnerabilities against the country.

Threats Analysis

Predicate Offense, Non-Predicate Offenses, and Illicit Financial Flows

• ML/TF/PF risk assessment involves analyzing predicate offense, non-predicate offenses, and illicit financial flows.
• TF risk assessment involves analyzing terrorist activities, terror financing, terrorist funds, and resources within domestic and foreign terrorist groups.
• PF risk assessment involves analyzing WMD proliferation and potential breaches of targeted financial sanctions.

Vulnerability Analysis

Nature, Sources, Likelihood, and Consequences of Risk Factors

• Stage II analysis involves considering the nature, sources, likelihood, and consequences of risk factors using a likelihood and consequence index.
• Likelihood Index
  • Detectable cases
  • Seizure amount
  • Crime frequency
  • Level of control
• Consequence Index
  • International impacts
  • Financial system impacts
  • Financial institution impacts
  • etc.

By following this risk assessment methodology, Thailand can effectively identify and mitigate the risks associated with ML/TF/PF.