Bangkok: “Phao Bhum” has confirmed that the draft of the Financial Hub Act aligns with regulatory standards, effectively addressing concerns surrounding money laundering and the financing of terrorism. Plans are underway to present the draft to parliament by mid-August.

According to Thai News Agency, Mr. Paopum Rojanasakul, Deputy Minister of Finance, addressed concerns raised by the Bank of Thailand about the draft Financial Business Center Act B.E. ., commonly referred to as the Financial Hub Act. These concerns centered on potential risks of money laundering and terrorism financing. Mr. Rojanasakul emphasized that the draft was developed collaboratively with input from various sectors, including the Bank of Thailand and the Securities and Exchange Commission. Feedback from the Bank was discussed in a Cabinet meeting, where issues relating to money laundering were considered, ensuring compliance with standards for risk prevention in anti-money laundering and counter-terrorism financing (AML/CFT).

Mr. Pao Bhumi noted that the draft bill distinctly separates businesses within the Financial Hub from general businesses, providing clear distinctions between them.

Furthermore, Mr. Pao Bhumi mentioned that the draft bill is scheduled for its first reading in parliament around mid-August.