Proposal To Review Overseas Transfers Above 50k Baht Approved

Proposal To Review Overseas Transfers Above 50k Baht Approved

A draft bill proposed by the Anti-Money Laundering Office that will see reviews of overseas transfers exceeding 50,000 baht has been approved by the government.

Deputy Government Spokesman Rachada Dhnadirek said the new rules were approved to address a number of outstanding issues that will bring Thailand into line with international standards aimed at combating money laundering and the funding of terrorism.

Included in the bill are new assessments for financial institutions and businesses in a bid to detect fraudulent or suspicious transactions.

Individuals wishing to transfer amounts over 50,000 baht with be required to provide the identification and other unspecified information of the recipient before the transaction can be approved.

It wasn’t reported when the new law would be rubberstamped or when it’s expected to come into effect.