Bangkok: “Phaophum” has countered remarks made by “Teng,” urging him to thoroughly read the law before making criticisms. Phaophum emphasized that the Financial Hub Act does not create opportunities for shady capital and insisted that all regulations from the Anti-Money Laundering Office (AMLO) must be adhered to without exception.
According to Thai News Agency, Dr. Paophum Rojanasakul, Deputy Leader of the Pheu Thai Party and former Deputy Minister of Finance, addressed concerns raised by Mr. Nattapong Ruangpanyawut, leader of the People’s Party. Mr. Nattapong had voiced worries that the Financial Hub Act might pave the way for dubious capital flows.
Dr. Paophum clarified that the Financial Hub Act explicitly states there are no exemptions from anti-money laundering or terrorist financing (AML/CFT) risk supervision for businesses operating within any Financial Hub. He further explained that businesses within the Financial Hub will be categorized as financial institutions under the “Anti-Money Laundering Act.”
He assured that once the draft law is enacted, all businesses under the Financial Hub will be required to adhere to AML/CFT measures. These measures align with international standards and are regulated by the Anti-Money Laundering Office, similar to the regulations followed by financial businesses overseen by the Bank of Thailand, the Securities and Exchange Commission, and the Office of Insurance Commission.
Dr. Paophum concluded by advising critics to read the law thoroughly before making any judgments and cautioned against forming opinions based on unfounded concerns, as it does not contribute positively to the country’s development.