Clifford Chance
Thailand: Changes to the anti-money laundering law
12 July 2011
Amendments have been made to the Anti-Money Laundering Act 1999 (AMLA), together with the ministerial regulations issued under this Act. The Act regulates and oversees financial transactions for detecting and preventing money laundering activities in Thailand.
The key ministerial regulations will take effect on 26 August 2011 and require financial institutions to report additional transactions. One significant change to the law is that in addition to cash transactions of THB2 million or more, any wire transfer/electronic payment worth more than THB100,000 must be reported.
Any wire transfer/electronics payment of any asset worth more than THB700,000 must be reported in addition to any transactions in respect of assets worth more than THB5 million. The aim of the amendment is to prevent financial institutions being used for the purposes of money laundering.
