Thailand

Thailand passed the Anti-Money Laundering Act of B.E. 2542 in 1999 and set up the Anti-Money Laundering Office as a single law enforcement agency with broad powers to investigate the various methods by which criminals disguise the source and ownership of their illegally obtained wealth.

According to Section 3, the Act applies to “[A]ny juristic person undertaking non-bank business related to finance as provided by the Ministerial Regulations.” (Section 3).

Financial institutions (such as banks, finance companies, savings cooperatives, etc.), land registration offices, and persons who act as solicitors for investors, are required to report significant cash, property, and suspicious transactions according to Section 16.

“Section 16: A person who is engaged in a business of operating, or advising to engage in investment transactions, or the movement of capital has a duty to report to the Office when there is probable cause to believe that such transaction may relate to asset involved in a commission of offense or is a suspicious transaction.”

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Sources

International Narcotics Control Strategy Report, Released by the Bureau for International Narcotics and Law Enforcement Affairs, March 2006