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Thai banks named in report may issue statement on revelations of 'suspicious transactions'


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Thai banks named in report may issue statement on revelations of 'suspicious transactions'

By The Nation

 

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The top executives of four Thai banks are holding talks on Tuesday on their response to allegations of suspicious transactions revealed by the International Consortium of Investigative Journalists (ICIJ).

 

The ICIJ reports are based on leaked files, comprising so-called suspicious activity reports by the Financial Crimes Enforcement Network (FinCEN) in the United States.

 

The Thai banks may issue a joint statement shortly, a source in the banking industry told the Nation.

 

The ICIJ found 92 transactions involving four Thai banks receiving $9.6 million and remitting $31.75 million between 2000 and 2017 that were flagged by financial institutions as suspicious to the US authorities.

 

The four Thai banks named in the report are: Bangkok Bank, Kasikornbank, and two state-owed banks -- Krungthai Bank and Export-Import Bank of Thailand.

 

The data involving Thai banks represents only a small fraction of the more than $2 trillion worth of transactions found in the FinCEN files, according to the ICIJ.

 

The data map also provides information about US-based corespondent banks that allow financial institutions in more than 150 countries and territories to process payments in US dollars, says the ICIJ.

 

The records include more than 2,100 suspicious activity reports filed by nearly 90 financial institutions to FinCEN.

 

The transactions do not necessarily establish any criminal conduct or other wrongdoings. The data offers an unprecedented overview of how money flagged as suspicious, and in some cases linked to corruption, fraud, sanctions evasion or other crimes, flows around the globe via networks of correspondent banks, according to the ICIJ.

 

Source: https://www.nationthailand.com/business/30394943

 

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-- © Copyright The Nation Thailand 2020-09-23
 
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AMLO is verifying reports of four Thai banks’ alleged role in suspicious transactions

 

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Thailand’s Anti-Money Laundering Office (AMLO) is in the process of verifying a report, by the International Consortium of Investigative Journalists (ICIJ), that four Thai banks have been involved in suspicious financial transactions, worth about 41.31 billion baht, over nearly two decades.

 

Responding to the ICIJ report, AMLO Acting Secretary-General Pol Maj-Gen Preecha Charoensahayanont said today that checking suspicious financial transactions is a normal practice of AMLO, as he asked for time to verify the report.

 

The ICIJ’s report refers to files leaked from the Financial Crimes Enforcement Network in the US. They allegedly indicate that many commercial banks worldwide turned a blind eye to suspicious transactions between 1999 and 2017.

 

Full story: https://www.thaipbsworld.com/amlo-is-verifying-reports-of-four-thai-banks-alleged-role-in-suspicious-transactions/

 

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26 minutes ago, NE1 said:

Passport needed to buy Rabbit train ticket. Reason ? Money laundering.

No foreigners can have a Lazada wallet. Reason ? Money laundering.

Love it.

Yes. I remember trying to send 100 quid to my brother in England. I thought it would be simple but the procedure was ridiculous. I was told this was because of money laundering. Yet when I transferred a very large amount from my Thai bank account to my missus' account, no questions asked at all. Not even the obligatory, "Where did this money come from?".

 

 

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31 minutes ago, NE1 said:

Passport needed to buy Rabbit train ticket. Reason ? Money laundering.

No foreigners can have a Lazada wallet. Reason ? Money laundering.

Love it.

The Lazada wallet issue is just a pure discriminatory and race based issue.  Money laundering takes many shapes and forms.  Payroll clearing houses like the one that just collapsed as it funneled money through banks in the Philippines that is also being investigated.  Corruption taints the highest levels everywhere.

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4 hours ago, torturedsole said:

The US clearing banks don't fare any better as the funds should never have cleared in the first place.  

 

This isn't really a story, to be honest. Criminal proceeds enter the global financial systems everyday in an attempt to wash funds. The US clearing houses cocked up.  

 

 

"The US clearing houses cocked up".  

Please elaborate with verifiable sources.

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9 minutes ago, AlfHuy said:

One of the worst and every time something illegal is popping up, that the Deutsche Bank.

It is what spidermike mention, but maybe 90% of the banks are not clean?

And honestly, when I bring money to the bank who say it is black or white?

It was long time ago they don't care, it was and is not their money.

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