On Nov. 18, Thai GVT revised act on terrorism financing prevention.
Thai GVT explained that it amended/revised the Act on prevention and suppression of financial support for terrorism and proliferation of weapons of mass destruction.
Aims to comply with FATF global standards, ensure effective financial support prevention and suppression measures, align the law with current circumstances.
Expand the scope of prosecution to cover those whose conduct is associated with financial support for terrorism; the awareness that those who benefit from such support are designated individuals involved in terrorism is not a requirement.
Whoever procures, collects, or alternatively manages finances or assets for terrorism or the proliferation of weapons of mass destruction shall be liable to imprisonment.
Specifically, from two to ten years and/or a fine of THB 40k to THB 200k; and up to THB 500k plus daily fines for non-compliance in managing frozen assets.
Allow frozen assets to be used for essential living expenses, including food, housing, medical care, taxes, insurance, and education; prohibited financial transactions benefiting designated individuals are permitted only for authorized essential expenses.
Government offices are exempt from certain reporting duties related to frozen assets.
Civil courts are assigned jurisdiction for disputes under this Act; committees are established to review disputes related to asset freezing and financial transactions.
FIs, Thai GVT offices must monitor, report activities as required by the Act; authorities are empowered to freeze, manage, or utilize assets, investigate compliance.
Ongoing cases under the prior law will proceed under the amended framework.
Effectiveness
It will take effect 180 days after publication in the Royal Gazette, i.e. May 17, 2025.
