Monday, October 26, 2020

Thailand steps up anti-money laundering efforts through regional cooperation

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Thailand’s Anti-Money Laundering Office (AMLO) said here Friday that it is expanding international efforts to cope with sophisticated money laundering through its cooperation with countries in the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).

Acting AMLO secretary-general Pol Maj Gen Preecha Charoensahayanont told the media that money laundering is becoming more complicating as terrorist groups have access to the financial sources that requires the authorities harder efforts to examine.

Pol Maj Gen Preecha said AMLO has made concrete agreements in combating money laundering at the 11th meeting of the BIMSTEC Sub-Group on Anti- Money Laundering and Combating the Financing of Terrorism (BIMSTEC SGAML-CFT).

Related: Thailand: Amlo goes high-tech to tackle laundering

The meeting gathered participants from Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.

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“At the BIMSTEC SGAML-CFT, we have already drafted an action plan to cope with the movement of illegal funds with member states to suppress money laundering and financial support for terrorism,” said Pol Maj Gen Preecha.

AMLO is an independent governmental agency. It has the status of a department functioning independently and neutrally under the supervision of the minister of justice, but is not part of the justice ministry.

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