World body blacklists Thailand for money laundering, terrorism financing

Thailand was yesterday identified by an intergovernmental organisation as uncooperative in the global efforts to combat money-laundering and terrorism financing.
The move came only days after bomb blasts in Bangkok and discovery of explosive devices linked to terrorism.
The Paris-based Financial Action Task Force (FATF), in its statement on Thursday (yesterday Bangkok time), said Thailand was one of 15 countries that have begun taking steps to combat terrorist financing and money-laundering but have yet to make sufficient progress in addressing the deficiencies in their regulations.
Deputy Premier and Finance Minister Kittiratt Na-Ranong yesterday expressed concern that the move could adversely affect Thailand’s image and its economy.
He said the government would ask the Anti-Money Laundering Office to explain the situation.
“As far as I know, Thailand has been requested by the FATF to issue an anti-money-laundering law that complies with international standards but we have failed to do so, which led to the country being blacklisted,” Kittiratt said.
Songtham Pinto, director of the Bank of Thailand’s macro-economy division, said he expected short-term negative impact on tourism as a result of the FATF move and the earlier bomb scare in Bangkok, which was linked to international terrorism.
Siam Commercial Bank president Kannika Chalit-aphon urged the government to expedite the legislation.
She expected the impact on investor confidence to be short-term.
“There could be some worries and impacts on investments in certain industries. It is not a big problem,” she said.
Tevin Vongvanich, chief financial officer of PTT, said the company was evaluating the expected impact on the company’s financial transactions after Thailand was listed among watch-list countries that are not active in enforcing legislation to combat money-laundering and terrorism financing.
In general, the transactions may take a longer time for financial scrutiny.
However, PTT is confident that the downgrade will not affect its financial-transaction costs.
“At PTT, we believe that our existing customers understand this matter, and this will not affect the financial transactions between us and existing clients. But we may have to explain more to new clients,” he said.
Paiboon Nalintharangkul, chairman of the Federation of Thai Capital Market Organisations (FeTCO), said the government would have to pay attention to this and proceed with an amendment to its money-laundering law.
Being on such a blacklist could affect the competitiveness of the private sector, he said, while investing overseas may require more complicated procedures.
Foreign investors may not be concerned about this and foreign capital will continue to flow in, seeking higher returns as the country’s economic fundamentals are sound, he explained.
On the contrary, there may be a problem for capital outflow, he said.
For example, wealth management and private funds or funds with overseas investment policies may find difficulties investing overseas due to likely more complicated procedures for checking sources of investment.
Opposition Democrat politician Korbsak Sabhavasu, formerly a deputy prime minister, said this latest development was not good for Thailand’s reputation, as most of the countries identified by the FATF as uncooperative had a negative image regarding money-laundering and terrorism financing.
The Ministry of Foreign Affairs yesterday cancelled its news conference on the matter.
In its statement, the FATF said: “Despite Thailand’s high-level political commitment to address its strategic deficiencies, Thailand has not made sufficient progress in implementing its action plan, and certain strategic deficiencies remain.”
It recommended that Thailand should adequately criminalise terrorist financing, establish and implement adequate procedures to identify and freeze terrorist assets, and further strengthen supervision of money-laundering and terrorism financing.
In addition to Thailand, the other countries on the latest FATF list of non-cooperative countries are Bolivia, Burma, Cuba, Ethiopia, Ghana, Indonesia, Kenya, Nigeria, Pakistan, Sao Tome and Principe, Sri Lanka, Syria, Tanzania, and Turkey.
-The Nation/Asia News Network
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Travel & Adventure Show Explores New Territory for 2012

ROSEMONT, IL–(Marketwire -12/29/11)- The nation’s largest travel and adventure show returns to Chicago January 28-29 for its eighth consecutive year with new additions and returning favorites. Between well-known travel experts, adventurous activities, more than 120 world-class destinations on exhibit and non-stop cultural music and dance performances, guests will uncover unlimited inspiration and information to plan their next vacation.
New additions this year include appearances by travel insiders like Samantha Brown (host of multiple shows on The Travel Channel), Patricia Schultz (author of 1,000 Places To See Before You Die) and Marc Peyser (editor at Arthur Frommer’s Budget Travel magazine.) Also debuting is an audience “cook-off” hosted by Chicago native and Travel Channel star Mark DeCarlo, with the winner receiving a vacation to the Mexican Yucatan. Crowd favorites return, such as free scuba diving and rock wall climbing, along with non-stop music and dance and more than 120 exhibits of amazing destinations from every continent.
“Whether it’s a short weekend getaway to Wisconsin or traveling to Tanzania next summer, the Travel & Adventure Show brings together an amazing array of travel ideas and expert advice,” said John Golicz, CEO for Unicomm, which produces the event in five cities nationally. “Chicago is always one of our largest events, and we’re looking forward to bringing great information and entertainment to our guests.”
Must-see stops on your itinerary at the show include:

• Domestic and International Exhibitors – Representatives from Africa, Asia, Canada, the Caribbean, Central and South America, India, Indonesia, Israel, Mexico, the Philippines, Turkey and the South Pacific join domestic destinations from Alaska to West Virginia. Tour operators who can give you expert advice on countless other locales will also be on-hand. “Computer research is one thing, but there’s nothing like talking to someone face-to-face who has been where you want to go,” said Golicz.

• Fiery Foods Challenge – Local chefs representing some of the destinations you’ll find at the show will be on hand to cook traditional “hot” dishes. Audience members will sample these spicy creations and vote for their favorites, as well as take home the recipes to try them at home.

• Mark DeCarlo Interactive Cooking Class and Competition – The host of the Travel Channel show “Taste of America” and author of “A Fork In The Road” will select three lucky audience members at random to recreate a dish of Mark’s choosing – right on the spot. The winner (chosen by the audience) will win an all-inclusive Yucatan vacation!

• Scuba Do! – Scuba diving in the world’s largest mobile scuba diving pool (no matter HOW cold it is outside, this pool – all 15,000 gallons of it! — is a toasty 72 degrees, mimicking the temperatures of Bonaire in the Caribbean.) All equipment is provided, even hair dryers.

• Global Beats Stage – musical and dance performances will transport you to an exotic destination, running non-stop throughout the show

The Travel & Adventure Show opens Saturday, January 28, from 10 a.m.-5 p.m. and Sunday, January 29, from 11 a.m. – 4 p.m. at the Donald E. Stephens Convention Center in Rosemont. (The show opens 9:30 a.m. Saturday for travel professionals.) Adult admission is $9 online with Promo Code: CHPR or $15 at the door. Children 16 year of age and under are free.
The Travel and Adventure Show is the longest-running series of consumer travel events in the U.S., with shows in Los Angeles, San Francisco Bay Area, Dallas and Washington D.C. The national magazine sponsor is Arthur Frommer’s Budget Travel. For more information on attending or exhibiting in the event, please visit www.adventureexpo.com/Chicago or call 203-878-2577 x100.
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