Regulators throughout the world are committing more resources to battle money laundering. It’s critical to keep Anti-Money Laundering (AML) compliance programs up to date to lower the risk of scrutiny and provide a solid defense if an investigation is initiated.
Thai authorities have become more proactive in investigating AML matters. We advise on all aspects of AML compliance in Thailand — from drafting internal policies, compliance investigations, designing training programs and customer due diligence.
- Toyota is a Japanese Company. Why are US Authorities Investigating Toyota and its Thai Subsidiary fo…After the Watergate scandals in the U.S. during the 1970s, the United States enacted the Foreign Corrupt Practices Act (the “FCPA”) in 1977 in response to revelations that U.S. companies had engaged in widespread bribery of foreign public officials. The FCPA was intended to halt the corrupt practices that had been revealed in the 1970s; ...Read more
- Thailand to Join Talks on the Indo-Pacific Economic FrameworkThe Thai government announced it will join other countries in negotiating rules and procedures for the Indo-Pacific Economic Framework (IPEF). According to Nikki Asia: “he Thai cabinet approved Tuesday a statement notifying the U.S. of its participation in the negotiations.” This is a historic stride by the current U.S. administration to restore American leadership in ...Read more
- Toyota Reports “Possible” Corrupt Activity in ThailandMultiple media resources are reporting that Toyota “alerted the U.S. Department of Justice and the Securities and Exchange Commission to possible antibribery violations involving a subsidiary in Thailand”. Those media sources include, among others, the Wall Street Journal (the quoted language is from the Wall Street Journal), Nikki Asia, Bloomberg, and Bangkok’s English newspaper, the Bangkok Post. The Bangkok Post cites Reuters ...Read more
- Thailand Falls Another Three Places on Transparency International’s Corruption IndexThailand ranked 104th among 180 countries surveyed, down from 101st a year earlier, with an overall score of 36 out of 100. The higher the ranking the greater the perception of corruption, and the lower the score, the higher the perception of corruption. Although there have been minor changes, Thailand’s ratings on Transparency International’s Corruptions ...Read more
- Airbus Corruption Probe Likely to ContinueAlthough the Trump administration unexpectedly imposed record fines under the Foreign Corrupt Practices Act (“FCPA”), it also initiated “fewer and fewer new FCPA investigations”. The National Law Review reports that it expects the incoming Biden administration to “continue the trend of increasing FCPA enforcement settlement values, while also increasing the pace of initiating new FCPA ...Read more
- Conducting Corruption Compliance Interviews Abroad – ThailandForeign Corrupt Practices Act (“FCPA”) investigations typically involve third parties or subsidiaries located outside the US since most FCPA violations arise out of the activities of foreign third parties or foreign subsidiaries. But most guides on how to conduct FCPA investigations and interviews seem to ignore this rather obvious fact. It has not however escaped the attention of ...Read more
- Thai to Seek Extension to File Bankruptcy Reorganization PlanThai Airways International Plc (“Thai”) will seek an extension to submit a bankruptcy rehabilitation plan from the end of this year until February of 2021. This could change. To recap Thai’s own history of the bankruptcy reorganization proceedings filed on behalf of or by Thai thus far: 26 May 2020 – Thai submitted a petition to enter bankruptcy ...Read more
- Things You Never Want to Hear from Your Lawyer in ThailandCompliance with the U.S. Foreign Corrupt Practices Act is challenging in some jurisdictions, and there are some things you never want to hear from your lawyer, particularly in high-risk jurisdictions such as Thailand. Here are a few “innocent” statements that have been “repeated” as purported anecdotes, followed by comments on why these statements are dangerous ...Read more
- More FCPA Enforcement Activity Predicted under Biden PresidencyAlthough the Department of Justice (DOJ) under Trump imposed record penalties under the U.S. Foreign Corrupt Practices Act (FCPA”) from 2017 through 2020, it also initiated fewer and fewer new FCPA investigations during that period. Indeed, White House Economic Advisor Larry Kudlow reportedly said in January 2020 that the administration was “looking at” making changes to the ...Read more
- Top 12 Things to Keep in Mind When Planning on Doing Business in ThailandThe top 12 things to keep in mind when planning to do business in Thailand: 1. Foreign Ownership of Companies and Land: This is often a surprise for business people and lawyers operating in more open economies, but foreigners are prohibited from owning land (absent narrow exceptions) and foreign majority owned businesses are prohibited from engaging in a ...Read more
- Compliance in the Time of CovidCovid-19 has created a perfect storm for regulatory lapses and failures: an unprecedented combination of business and regulatory disruption in a condensed time of period. Compliance requirements and safeguards are ignored, and compliance investigations hindered, delayed, or canceled. But do not expect the Department of Justice or the Securities and the Exchange Commission(“SEC”) to relax enforcement ...Read more
- Compliance Investigations in Thailand: Caste and CandorThere is one word that should start any real discussion about corruption in Thailand, and that word is Sakdina (ศักดินา). Sakdina is a historical system of social hierarchy that went so far as to assign a specific numerical rank to every person in Thailand depending on their status. Although officially abolished, it persists, in a less recognizable ...Read more