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LFHCK a.k.a LiFeHaCK

Revamped Money Laundering Regulations: International Edition

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TEDDIE

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The Department of Business Development (DBD) along with the Anti-Money Laundering Office (AMLO) has revised the Anti-Money Laundering Act from 1999. This update gives officials the authority to confiscate and block properties associated with both local and international persons involved in proxy activities and unauthorized overseas ventures.

The Director-General of the DBD, Auramon Supthaweethum, stated that the amended regulations now include crucial specifics regarding the actions of nominees and unauthorized foreign business engagements.

Thais aiding or collaborating with foreigners to run enterprises or hold stakes in prohibited industries as detailed in the Foreign Business Act of 1999 will be subject to legal measures due to these revisions.

In the meantime, foreigners engaging in business activities without the appropriate authorization will encounter comparable repercussions, stated Mrs. Auramon.

With this amendment, authorities are empowered to seize and freeze assets from both Thai nationals and foreigners involved in these illegal activities. The assets will be held by the state to prevent any misuse.

She stated that the purpose of this amendment is to deter the use of nominees and safeguard Thai individuals and companies from being utilized as channels for money laundering.

Mrs Auramon stated that this initiative is designed to enhance transparency, build trust within Thailand’s business environment, and tackle the legal loopholes that enable such criminal activities.

The amended law is available for public consultation at
https://law.go.th
until April 25.

Individuals who are interested are invited to provide their input on the legislation, designed to bolster Thai enterprises, foster equitable competition, and support lawful foreign commercial activities within Thailand, as stated by the DBD.

After the consultation period, Amlo is slated to present the draft to the cabinet for approval, before submitting it to the House of Representatives and the Senate for further consideration.

Provided by SyndiGate Media Inc.
Syndigate.info
).

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