Being on the FATF “high-risk” country list may not sound terrible but, in some circles, it is akin to being labelled a financial pariah.Thailand now joins the ranks of countries that include North Korea, Iran, Syria, Pakistan and Myanmar, to name just a few. In most contexts, these are not countries people normally wish to be associated with.
The FATF’s best practices, known as the “international standard,” are meant to have universal application and to serve as a comprehensive framework prohibiting transfer of illicit money.Its principal contribution has been Forty Recommendations on Combating Money Laundering and the Financing of Terrorism and Proliferation.
Countries are assessed and rated against this standard. In the case of Thailand, the country’s financial regime was found to be woefully inadequate and among the worst in the world.
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