Businesses are warned to be prepared for severe repercussions on business transactions, as the Thai government once again failed to pass an anti-money laundering bill before the next review of the Financial Action Task Force (FATF), say business leaders.
"It is clear the law will not be ready by the next FATF meeting in February," said Thanit Sorat, a vice-chairman of the Federation of Thai Industries (FTI).
A bill needs 120 days to take effect once the draft passes the Senate, meaning it needs to be announced by the end of this month, he said. But the draft is awaiting consideration by the Senate, which has a long list of bills to be considered.
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