BANGKOK: Thailand’s Deputy Prime Minister and Minister of Finance Ekniti Nitithanprapas has been appointed to lead a high-level sub-committee targeting financial crime and money laundering linked to technology-based offences.
The committee’s mandate, signed off by the Prime Minister, is to rigorously investigate financial trails and elevate Thailand’s anti-money laundering (AML) standards to match international best practice.
The new sub-committee is a formidable assembly of top officials, designed to foster a "Connect the Dots" approach by integrating data and operational efforts across the country’s most powerful regulators and law enforcement bodies.
Key members include the Commissioner-General of the Royal Thai Police (as Vice Chairman), the Minister of Justice, and the Minister of Digital Economy and Society.
The panel also draws representation from the Bank of Thailand (BOT), the Anti-Money Laundering Office (AMLO), the Department of Special Investigation (DSI), and the Securities and Exchange Commission (SEC).
This body reports directly to the Steering Committee for the Prevention and Suppression of Technology Crimes, which is chaired by Prime Minister Anutin Charnvirakul.
Ekniti stressed that while the committee will initially operate under existing laws, utilising all current legislation, it may recommend new measures to strengthen the framework.
The minister set an ambitious initial goal, stating, “We must see, at the very least, by December, where the loopholes and weak points in the Thai economic system lie and determine how the standards for tackling them must be elevated.”
He acknowledged the complexity of modern financial transactions, particularly those involving cryptocurrency, which can be difficult to trace.
The long-term objective is a unified strategy that brings the country's financial scrutiny up to par with global AML benchmarks. - The Nation/ANN
