Jewellers, gold shops and car dealers will have to report any suspicious transactions worth over Bt400,000 to the Anti-Money Laundering Office (AMLO) under a new regulation that is to take effect before the end of the year.


http://www.thaivisa.com/forum/index.php?showtopic=40646

I have been living quite happily for the last decade with Anti-Money Laundering legislation in the Isle of Man and UK; the legislation here is considerably tougher than that proposed.

I have had two transactions queried over the last decade which caused only a temporary minor inconvenience, one a bank transfer in the UK to a family member and the other money sent to my Mother in Law in Thailand.

What it is only a minor inconvenience to me is however a much bigger problem for criminals such as terrorists, drug dealers, fraudsters and tax evaders as it requires the collusion of others for them to profit.

Cash is the principal currency of crime, this kind of legislation makes it harder (but not impossible) for the criminals to use cash for gold, jewellery and cars and boats.

There will be those who will attempt to use bribery (not wholly unknown in Thailand ) and other ways to circumvent the laws.

Ultimately, the most successful way of reducing crime is not the legislation but the enforcement of it with high profile successful prosecutions of offenders resulting in heavy deterrent sentences and fines.

Quote "Ultimately, the most successful way of reducing crime is not the legislation but the enforcement of it with high profile successful prosecutions of offenders resulting in heavy deterrent sentences and fines. Unquote"

Never a truer word spoken

I wish it were true - especially the next time I see someone on a motorbike go through a red light with a 12 year old driving 3 more people on the back, no lights, no helmets, no number plate, a buckled back wheel and (probrably) no licence or insurance.

Why do they do it - coz nobody is ever going to stop them ! and they know it.

On a lighter not - this is absolutely true too.
A friend and I were discussing where to change some US dollar banknotes which were soiled - Bangkok Bank will not accept dirty or torn notes. So my friend suggested washing them first as maybe they would look cleaner.
Straight faced - I told him that was impossible to do that - he asked why ?
Simple : that would be money laundering !!!

Sorry - It was funny at the time LOL


Paul

Only been asked once about the origins of a payment i have transferred over here.