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Thailand put on watch list for financial transactions


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From Sunbelt Asia newsletter:

 

Delays in strengthening Thailand's laws against money laundering and terrorist financing activities have had a direct impact on international business Twatchai Yongkittikul, Secretary General of the Thai Bankers Association said, noting that European financial institutions have already begun rejecting financial transactions with Thai parties because of perceived risks.

 

Thailand was named as one of 15 high risk countries in February by the Financial Action Task Force because of the government's failure to enact tougher laws against money laundering and terrorist financing.

 

Other nations on the list include Cuba, Ethiopia, Indonesia, Pakistan and Syria. It is warning to global financial institutions to exercise special care when conducting transactions with parties in those countries.

 

Mr Twatchai warned that Thai consumers could see their credit cards rejected when travelling abroad and businesses could be unable to trade as a result of the FATF action, adding that local bank customers have already had to bear additional reporting requirements when enacting overseas financial transactions

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From Sunbelt Asia newsletter:

 

The rapid influx of Russian's and Eastern Europeans will have forewarned Thai authorities, in regards to money laundering.

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I recall Thailand being named and wondering if it would affect my living here.

The EU and USA likely wants to know all about it's nationals banking activities in Thailand........ using 'terrorism' as an excuse to get such information.

The quote above only suggests my Thai CCs will be restricted to use in LOS.... well at the moment that is the case except when buying flight tickets.

 

I made a medium sized transfer into my Thai account from overseas last month and all went normally.

 

(Is that really the guy's name!!!!!!!)

Edited by jacko
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A friend of mine is going back to the US today because his bank will not let him use his ATM card in Thailand. He going to be looking at his options when he gets home. This could be a potential problem for many Expats.

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A friend of mine is going back to the US today because his bank will not let him use his ATM card in Thailand. He going to be looking at his options when he gets home. This could be a potential problem for many Expats.

Tourists too I am sure!

The obvious solution is internet banking and international transfer to a Thai bank account. But if ATMs are being blocked, you kind if think International Bank Transfers will be under scrutiny too.

 

My foreign ATM worked as per normal a few days back.... wonderful of the USA to be at the forefront. :banghead

Edited by jacko
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Had to phone Barclays from Isaan on Saturday as they had blocked my debit card, including logging on to Internet banking. They said that Thailand was one of the top countries for card fraud, so they had blocked it, despite me informing them I would be in Thailand between certain dates.

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Had this happen one time about five years ago. Called my bank and gave them hell for about ten minutes............. my card was working in twelve minuets. Thailand is ALWAYS on some kinda "watch list". It's the Bible binders....... causing the shit.

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Two separate issues have been mentioned in this thread: 1) money transfers for money laundering and terrorist financing operations; and 2) scams and fraud at the retail level involving ATM and credit cards.. MMs OP dealt with the first. Here's a link to the original announcement from the intergovernmental Financial Action Task Force: Feb 2012. AML stands for anti-money laundering and CFT for countering of financing of terrorism. Basically, the announcement says Thailand has been put on the watch list because it doesn't have strong enough laws or enforcement procedures to deal with money laundering and financing of terrorism.

 

"Despite Thailand’s high-level political commitment to work with the FATF and APG to address its strategic AML/CFT deficiencies, Thailand has not made sufficient progress in implementing its action plan, and certain strategic AML/CFT deficiencies remain, although Thailand has faced external difficulties from 2009 to 2011 which significantly impacted the legislative process for the necessary laws and regulations. Thailand has taken steps towards improving its AML/CFT regime, including by substantially completing an AML/CFT risk assessment for its financial sector. Thailand should work on implementing its action plan to address the remaining deficiencies, including by: (1) adequately criminalising terrorist financing (Special Recommendation II); (2) establishing and implementing adequate procedures to identify and freeze terrorist assets (Special Recommendation III); and (3) further strengthening AML/CFT supervision (Recommendation 23). The FATF encourages Thailand to address its remaining deficiencies and continue the process of implementing its action plan."

 

It's doubtful there will be an immediate impact on expats transferring money between homeland and Thai accounts because tighter enforcement requires legislative action by the Parliament.

 

The second issue isn't directly tied to the first. ATM and credit cards issued by foreign banks are often blocked in Thailand because of widespread scams that take advantage of lax procedures at the retail level. It's very inconvenient if your card gets blocked while you're trying to use it in Thailand, but most cases of fraud are committed against people who aren't in Thailand at the time, so the banks are vigilant about all transactions in Thailand. Better safe than sorry.

 

Evil

:devil

Edited by Evil Penevil
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A friend of mine is going back to the US today because his bank will not let him use his ATM card in Thailand. He going to be looking at his options when he gets home. This could be a potential problem for many Expats.

 

 

That seems like an extreme solution but I suppose he exhausted all others with his particular bank. When I lost a debit card last year in Patts I was told by my card issuer that I needed to FAX various information to them including the address to which I'd like the replacement card sent. (note, a couple of clowns on the board found it sooo humorous that a fax was required but that was the requirement.)

 

I learned my lesson some time back to always have back up contingencies. I make sure I have more than one debit card as it's so easy for me to forget to take my card with me after an ATM transaction.

 

Your friend could follow the same option I choose if he's from the states. There are alternatives. It's cost free from beginning to end.

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A good option is a pay as you go credit card. I got one that has no fee for international ATM usage and will work in Thailand. The only problem, if you have to have someone that can put money on it for you in the states, or I can reload the card from my bank account online while in Thailand. There is a big fee for using it for an international point of sale though, but I never use a credit card to buy anything with the exception of some hotel bills and nights in FLB. I got the card for a different usage, I got one that comes with two cards, I have one, and when Jane goes back home, she will give one to her moma, it's in her name. I can put money on the card in the US, and then she can take it out at an ATM in Thailand. It beats the hell out of the $35 western union charge.

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I dont understand why regular or semi-regular visitors dont open an account here in thailand. Either bank transfer, paypal transfer or stick a bunch of your money in your money belt and deposit it into your thai acct when you get here. Problem solved.

 

Sent from my GT-N7000 using Tapatalk 2

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