Twatchai Yongkittikul, the secretary-general of the Thai Bankers’ Association, said European financial institutions have already begun rejecting financial transactions with Thai parties due to perceived risks.
In February, the international Financial Action Task Force (FATF) named Thailand as one of 15 countries designated ”high risk” due to the failure of parliament to enact tougher laws against money laundering and terrorist financing.
The list, which puts Thailand on a similar footing as Cuba, Ethiopia, Indonesia, Pakistan and Syria, is a warning for global financial institutions to exercise special care when conducting transactions with parties in the designated countries.
Mr Twatchai warned that Thai consumers could ultimately see their credit cards rejected when travelling abroad and businesses unable to trade as a result of the FATF action.
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