Thailand ranks fifth in Southeast Asia on the latest money laundering index

Thailand ranks fifth in the ASEAN region for money laundering risks, according to the latest Basel AML index.

Key Takeaways

Thailand ranks fifth in ASEAN for money laundering risks, indicating the need for stronger measures to combat financial crimes.
Global money laundering risks are increasing, posing challenges for governments in imposing financial sanctions and addressing corruption and bribery.
The role of new technologies, such as cryptocurrency, highlights the importance of regulating and enforcing identified risks to protect financial integrity.

The country’s global ranking has improved by five places, but its score of 5.82 still indicates a higher level of risk compared to last year. Among the ASEAN countries, Singapore performed the best with a score of 4.30, while Myanmar had the lowest score.

The report emphasizes the growing global risks associated with money laundering and terrorist financing, as well as the challenges governments face in implementing effective financial sanctions. It also highlights the role of new technologies, such as cryptocurrency, in facilitating financial crimes, underscoring the importance of regulation and enforcement.

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East Asia and Pacific

This region experiences significant variations in risks related to corruption, bribery, human trafficking, environmental crime, public and financial transparency, and the political/legal system. Approximately one-third of the jurisdictions in this region are considered high-risk.

Similar to Latin America, the profits from drug trafficking are a major concern, with 40 percent of countries being identified by the US International Narcotics Control Strategy Report as significant money laundering jurisdictions.

The implementation of anti-money laundering and counter-terrorism financing measures to prevent the proliferation of weapons of mass destruction is generally ineffective, as are the measures related to prevention and beneficial ownership transparency.