GSB launches generous savings accounts to ease Thais’ retirement fears

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/banking-finance/40021568

GSB launches generous savings accounts to ease Thais’ retirement fears

GSB launches generous savings accounts to ease Thais’ retirement fears

MONDAY, OCTOBER 31, 2022

Nongluck Ajanapanya

The Government Savings Bank (GSB) marked World Savings Day by opening two high-interest saving schemes to help Thais through the cost-of-living crisis on Monday.

Vitai Ratanakorn, president and CEO of GSB, oversaw a ceremony to launch the two new proactive saving schemes.

The first scheme, for medium-term savings, offers annual interest of 4.50 per cent tax-free on money deposited for at least 13 months.

The second scheme, for long-term savings, offers 3.21 per cent annual interest tax-free on money deposited for seven years.

Vitai said that while the government is urging people to spend to boost the economy through domestic consumption, it is also important to set aside money for the long term.

“It is our responsibility to educate people how to balance their spending and savings,” GSB’s chief said.
 

He also vowed to raise interest on savings if the Bank of Thailand decides to hike the policy rate at its next meeting in response to similar moves by the US Federal Reserve. However, GSB loan rates would be kept low for as long as possible.

Thai household savings fell during the Covid-19 pandemic, but with the economy now showing signs of recovery it’s time to encourage people to start saving again, he said.

The new GSB strategy will respond to Thailand’s ageing society by focusing on medium- and long-term saving for retirement.

“These two new savings schemes currently offer the highest interest rate on bank savings accounts. We developed these savings plans not for the benefit of banks but for the benefit of all Thais,” Vitai said.

GSB launches generous savings accounts to ease Thais’ retirement fears

He added that the new schemes may reduce GSB’s margins but its finances and liquidity would remain strong.

GSB has also launched a new app called Coach Aom, which aims to help people on low income understand basic money management. Users will get saving plans tailored to their circumstances to ensure they have sufficient retirement savings.

The simple functions and features of the user-friendly app were developed in collaboration with Chulalongkorn University’s finance and accountancy faculty.

Coach Aom is available on Android devices, with an iOS version to be released soon.

Nongluck Ajanapanya

Cambodia welcomes 1.26 million visitors, most from Thailand

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/world/asean/40021576

Cambodia welcomes 1.26 million visitors, most from Thailand

Cambodia welcomes 1.26 million visitors, most from Thailand

MONDAY, OCTOBER 31, 2022

Cambodia welcomed nearly 1.27 million international visitors in the first nine months of this year – up 861.21% year-on-year but down 73.58% over the same period in 2019. The Tourism Ministry said 59.08% of the visitors were from Thailand and Vietnam.

Of the January-September arrivals, 946,125 or 74.75% declared “holiday” as their purpose of visit, 64,359 or 21.40% marked “business”, while 48,737 or 3.85 indicated other reasons.

Thailand accounted for 462,705 or 36.56% of visitors (444,943 holidays; 16,814 business; 948 other) – up 617.83% year-on-year and 60.61% above the corresponding period in 2019. Vietnam, meanwhile, had 285,163 or 22.53% (208,333 holidays; 76,461 business; 369 other), up 3,628.11% on-year but down 55.25% versus the 2019 period.

Visitors from China accounted for 4.93% of the total or 62,425, followed by Indonesia (49,903; 3.94%), the US (49,802; 3.93%), Laos (38,783; 3.06%), South Korea (36,404; 2.88%), Malaysia (34,438; 2.72%), France (31,157; 2.46%) and the UK (22,471; 1.78%).

September alone accounted for 21.13% of the nine-month total for international visitors, at 267,500, up 4.98% over August (254,813), which was up 7.65% from July (236,697).

If the number of international visitors for each remaining month this year is equal to or greater than the September figure, then the entire year will have seen more than 2.07 million visitors or 3.41% more than the estimates provided by the ministry last month.

Angkor Tourist Guides Association president Khieu Thy told The Post on October 30 that the number of foreign tourists visiting Angkor Wat has risen significantly in recent months, noting that most were from bordering countries, especially Thailand.

Thy claimed that since Covid-19 restrictions were rolled back “almost a year ago”, the uptick in visitors from Thailand and other nearby countries has been “overwhelming”.

Even without as many travellers from more distant destinations as before, the Cambodian tourism sector has remained sustainable thanks to tourists from neighbouring countries, he said.

“We expect there will soon be many more holidaymakers from countries farther away,” he said.

According to the ministry, most of the January-September international visitors arrived by land at 788,580 or 62.30%, followed by air (468,889; 37.04%) and waterways (8,303; 0.66%).

Cambodia Association of Travel Agents (CATA) president Chhay Sivlin argued that more travel facilitation measures for residents of nearby countries need to be adopted.

She explained that, for the time being, each jurisdiction’s tourism sector will be mainly dependent on internal and regional travel, amid the current global uncertainty tied to geopolitical and economic shocks as well as lingering Covid-19 disruptions.

“Visitors from neighbouring countries are a good starting point for the post-Covid-19 tourism recovery. Although they don’t spend as much as guests from European and American countries, their presence is very important at this time,” she said.

One such travel facilitation measure considered by government officials is a pilot scheme that would allow Thai tourists with official residence in any of the seven provinces that border Cambodia to travel overland to Siem Reap, especially Angkor Archaeological Park, with only a border pass and not a passport.

The idea was raised at a September 19 plenary meeting of the inter-ministerial commission tasked with facilitating travel into Cambodia at all ports of entry, which was presided over by its chairman Tourism Minister Thong Khon.

Siem Reap does not border Thailand, which would require participants of the scheme to enter Cambodia through one of the seven provinces along the frontier.

Following the meeting, Tourism Ministry’s secretary of state Hor Sarun, who is also deputy chairman of the commission, said that Khon was looking to make a formal request to the government for the scheme. No updates on the request were immediately available.

Sarun claimed that Cambodia would greatly benefit if Thai holidaymakers can enter the country more freely. “Some Thais want to see Angkor Wat, but they lack a passport. Now, those living in border provinces can apply for a border pass and visit,” he said.

He explained that residents of Thailand’s Sa Kaew or Surin provinces could make their way into Siem Reap via Cambodia’s Banteay Meanchey or Oddar Meanchey provinces, respectively.

The seven Thai provinces that border Cambodia are Trat, Chanthaburi, Sa Kaew, Buri Ram, Surin, Si Sa Ket and Ubon Ratchatani. The seven Cambodian provinces that border Thailand are Koh Kong, Pursat, Battambang, Pailin, Banteay Meanchey, Oddar Meanchey and Preah Vihear.

The Phnom Penh Post

Asia News Network

Halloween horror dims hope of recovery in Seoul’s entertainment hub

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/blogs/world/asia-pacific/40021571

Halloween horror dims hope of recovery in Seoul's entertainment hub

Halloween horror dims hope of recovery in Seoul’s entertainment hub

MONDAY, OCTOBER 31, 2022

Restaurants, cafes and clubs in Seoul’s popular nightlife district of Itaewon seemed to be on a smooth road to recovery at last after years of pandemic disruptions – before Saturday. But its hopes of a quick revival were wrecked in minutes as a surge among tens of thousands celebrating Halloween in its narrow streets crushed more than 150 people to death.

The neighbourhood – once the realm of expats and American soldiers on R&R – has transformed into a culturally diverse and trendy hub beloved of locals and visitors alike in recent years. Its “Brooklyn-style” gentrification has brought in global brands, including Gucci and Lululemon flagship stores.

Boosting its unique charm was 2020’s hit TV series “Itaewon Class”, which was set in the neighbourhood, and the relocation of the president’s office nearby in May this year.

But the country’s Covid-19 restrictions saw a mass shuttering of Itaewon businesses from 2020 until the end of last year.

So expectation was running high for the first “maskless” Halloween party in three years, with many local business owners convinced the immensely popular festivities would get them out of the woods.

However, business sentiment was destroyed immediately after Saturday’s deadly crowd surge. At least 154 people were killed and 103 injured in the narrow and hilly alleyways around the area’s landmark Hamilton Hotel.

Out of respect for the dead and/or fear following the crush, the usually bustling streets of Itaewon are likely to remain empty for some time.

Halloween horror dims hope of recovery in Seoul's entertainment hub
Halloween horror dims hope of recovery in Seoul's entertainment hub

Businesses in Itaewon are closing for a two-day mourning period, according to police and local vendors.

“Some stores have already stopped operations. Whether the temporary closure will extend depends on how the situation unfolds,” said one police officer, who wished to remain anonymous.

The Itaewon Special Tourism Zone Association, an organisation of business owners in the area, reportedly sent an emergency message urging members to temporarily operations out of respect to the victims.

As of Sunday morning, several restaurants, cafes and clothing stores were shuttered with signs reading “may they rest in peace” on their windows.

The closures were voluntary and some businesses were open as usual, but onlookers worried that the latest fiasco may lead to another prolonged downturn for an area already feeling the pinch from pandemic disruption and inflation.

Park, 41, who runs a franchise coffee shop across from the stampede site, said “there has been no disaster like this in the neighbourhood over the past few years. My store is closed today.”

In fact, the stampede was the second-worst accident in South Korea’s history, after the 2014 Sewol ferry disaster that killed 306 people.

According to state-run real estate data provider Korea Real Estate Board, the vacancy rate at commercial properties in Itaewon surged to an average of 30 per cent at the pandemic peak of end-2020. But the figure showed signs of recovery, dropping to some 7 per cent last year when social distancing rules were relaxed.

South Korea has declared a week of national mourning until Saturday, asking local businesses and authorities to cancel Halloween festivals, events and parades.

“I don’t think I’ll be able to dine or meet with friends in Itaewon for some time,” Lee Ji-soo, a 32-year old said.

“It will remind me too much of the accident.”

The Korea Herald

Asia News Network

India bridge death toll rises to 132 as rescuers search Machhu River

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/world/asia-pacific/40021565

India bridge death toll rises to 132 as rescuers search Machhu River

India bridge death toll rises to 132 as rescuers search Machhu River

MONDAY, OCTOBER 31, 2022

Reuters

The death toll from a bridge that collapsed in Gujarat state in India rose to 132 on Monday, Reuters reported.

The footbridge in the town of Morbi was packed with people enjoying holiday sightseeing when it fell into the Machhu River on Sunday, plunging people into the fast-flowing current.

“The death toll in the bridge collapse incident has gone up to 132. The search and rescue operations are continuing,” senior official NK Muchhar told Reuters, warning that the victim count could rise further.

Military personnel have joined rescue teams from nearby districts to search the river for any remaining victims, Muchhar said.

India bridge death toll rises to 132 as rescuers search Machhu River

More than 400 people were on and around the colonial-era bridge when it collapsed, said authorities. The bridge was a sightseeing point for people celebrating the Diwali and Chhath Puja holidays.

A five-member team has been tasked with investigating the causes of the disaster.

India bridge death toll rises to 132 as rescuers search Machhu River

The 230-metre bridge was built in the 19th century during British rule. It was reopened recently after undergoing six months of repair and renovation.

Reuters

South Korea begins week of mourning, investigation as Seoul death toll rises to 154

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/world/asia-pacific/40021564

South Korea begins week of mourning, investigation as Seoul death toll rises to 154

South Korea begins week of mourning, investigation as Seoul death toll rises to 154

MONDAY, OCTOBER 31, 2022

South Korean President Yoon Suk-yeol has declared a week of national mourning after at least 154 people were killed during a Halloween stampede in Seoul.

Partygoers were killed in the crush when a huge crowd celebrating Halloween surged into an alley in a nightlife area of the South Korean capital on Saturday night.

On Sunday, Yoon declared national mourning would be observed until Saturday (November 5) with government buildings will flying the flag at half-mast.

He also expressed condolences to victims and their families, prayed for quick recoveries among the injured, and vowed an investigation to find the cause.

US President Joe Biden also sent a message of solidarity: “Jill [Biden] and I send our deepest condolences to the families who lost loved ones in Seoul. We grieve with the people of the Republic of Korea and send our best wishes for a quick recovery to all those who were injured.”

Chinese President Xi Jinping said he was shocked to learn of the heavy casualties in the stampede, according to China’s Foreign Ministry website. On behalf of the Chinese government and people, Xi extended deep condolences over the deaths of the victims and sincere sympathies to the bereaved families and the injured.

South Korea begins week of mourning, investigation as Seoul death toll rises to 154

The death toll from the crush among partygoers who had crowded into Seoul’s popular Itaewon district rose to 154 on Sunday. The accident is the second-worst in South Korea’s history, after the Sewol ferry disaster that killed 304 people in 2014.

At least one Thai was killed in the stampede, according to the Royal Thai Embassy in South Korea.

Read More: https://www.nationthailand.com/thailand/40021544

Restaurants and cafes in Itaewon will shut for three days, local police said on Sunday.

Read More: https://www.nationthailand.com/world/40021550

Tech and game firms Kakao and NCSoft pulled their Halloween promotions after the incident while South Korea’s Everland amusement park has cancelled its Halloween-themed events.

Regional governments and organisations across the country have also scrapped events to mark the festival tonight.

Blocking cannabis law for political reasons will do ‘more harm than good’

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/thailand/politics/40021575

Blocking cannabis law for political reasons will do 'more harm than good'

Blocking cannabis law for political reasons will do ‘more harm than good’

MONDAY, OCTOBER 31, 2022

A farmers’ representative and a businessman called on the House to speed up the legislation of a cannabis control law so businesses know what they can and cannot do.

The statement came on Monday from Prapat Panyachatraksa, president of the National Farmers’ Council, and Ong-art Panyachatraksa, owner of the Organic Phet Lanna Farma and a partner of the RG420 Cannabis Store on Khao San Road in Bangkok.

The two were referring to the September 14 House resolution to indefinitely defer the second reading of the cannabis bill and return it to the special House committee that had vetted the draft.

“I understand the delay was caused by politicking,” said Prapat, who is a member and adviser to the ad hoc panel.

The bill was engineered by coalition partner Bhumjaithai Party, which had promised to legalise marijuana while campaigning for the 2019 general election.

The House voted 198:136 to return the bill to the ad hoc panel for review after Democrat Party, also a coalition partner, said the bill would promote the recreational use of marijuana. Democrat MPs also cited concerns that children and youth would abuse cannabis as a drug. The Rural Doctors Society was among groups that voiced such concersn.

He said he would submit an open letter to Parliament President Chuan Leekpai and leaders of all political parties on Wednesday, calling on them to add the bill to the House agenda and speed up deliberations in the second and third readings.

Blocking cannabis law for political reasons will do 'more harm than good'Prapat urged the public to join him at the Parliament complex on Wednesday when he is submitting the letter.

In the letter, Prapat reasons that the cannabis bill has been passed in principle by the House and vetted by the ad hoc panel, which includes representatives from political parties, government agencies as well as the private and civil sectors.

The letter also points out that the bill’s legislation should be speeded up for the sake of clarity and the creation of new business opportunities, adding that it had been vetted carefully to ensure its enactment does not affect vulnerable groups as feared.

Prapat said many farmers and businesses have invested a lot in growing and processing marijuana into products. If the bill is not enacted soon, it could spark losses of as much as 50 billion baht, he said.

Blocking cannabis law for political reasons will do 'more harm than good'Ong-art, meanwhile, said businesses cannot move forward without a direct cannabis control law, which he added would boost confidence in the business.

He also pointed out that banks are not granting loans for marijuana-related businesses, because their future is uncertain without the law.

“As a businessman, I want the direction to be clear, so we know what we can and cannot do,” he said.

He pointed out that if marijuana is put on the list of banned narcotics again, then many businesses would go bankrupt. He also asked why politicians did not speak up when the panel vetting bill announced its decisions.

“This is not right and it’s disgusting to play politics on the future of the people and the country,” he said.

He added that the price of dried ganja had fallen from 30,000 baht per kilo to about 1,000 baht due to uncertainties over the bill.

Pheu Thai’s PM candidate vows to tap the potential of new generation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/thailand/politics/40021572

Pheu Thai’s PM candidate vows to tap the potential of new generation

Pheu Thai’s PM candidate vows to tap the potential of new generation

MONDAY, OCTOBER 31, 2022

Thailand should tackle problems of people’s standard of living and geopolitics as soon as possible, Pheu Thai Party’s prime minister candidate, Srettha Thavisin, said on Monday.

In an interview with Thai newspaper Krungthep Turakij, he said Thailand has almost lost its position on the international stage, as the country had not showed its identity and potential over the past eight years.

“Thailand has resources that many people want, but we need to be proud and humble in trading because we cannot rely only on ourselves,” he said.

Pheu Thai’s PM candidate vows to tap the potential of new generation

It is necessary to consider problems case by case, as some problems should be solved immediately, he said, adding that taking care of problems in a proper way may result in benefit for many generations of people.

“We have to take care of people, not just amending some rules,” he said. “We should tackle problems step by step as some problems are easy to deal with.”

Pheu Thai’s PM candidate vows to tap the potential of new generation

Srettha, who is also president of real estate developer Sansiri, said the government should meet all groups of people’s needs, especially the new generation who will be the country’s power in the future.

He said that the current government had failed to gain the confidence of the new generation due to communication errors.

“I believe that our country’s leaders have good intentions, but they have to improve their communication,” he said. “We should be a good role model for the new generation, otherwise it would be like pouring oil on the fire.”

He added that he was not calling for a reform, but a change in mindset.

“I believe that proper communication will help attract people without forcing them,” he added.

Pheu Thai’s PM candidate vows to tap the potential of new generation

He said the general election next year will be turning point for Thailand, adding that many businessmen want to see clarity in the country’s administration.

He also pointed out that political conflict so far had affected economic growth, even though Thailand has the potential to boost its economy.

“The government should have looked at the roots of the conflict,” he said. “If there is any correction, the government should not do it with one group of people because it would affect others.”

If he were to be elected as prime minister in the upcoming general election, Srettha vowed to tackle four big issues: people’s standard of living; the constitution; geopolitics; and people rights, liberty and equality.

State agency-backed digital platform helps keep SMEs competitive in tourism sector

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/thailand/policies/40021574

State agency-backed digital platform helps keep SMEs competitive in tourism sector

State agency-backed digital platform helps keep SMEs competitive in tourism sector

MONDAY, OCTOBER 31, 2022

Nongluck Ajanapanya

Thailand’s Digital Economy Promotion Agency (Depa) has vowed to continue supporting the private sector develop digital platforms that are helpful to tourists.

Nuttapon Nimmanphatcharin, president/CEO of Depa, told a press conference held online on Monday that the country’s small and medium-sized businesses (SMEs) in the tourism sector are currently required to create some creative and distinctive content to display online in order to attract tourists.

He revealed that it was one of the strategies for keeping SMEs competitive with big business.

Depa has partnered with Safe T Travel, a Thailand travel platform that uses artificial intelligence (AI) and big data to analyse tourists’ preferences and travel demands, to effectively support SMEs.

The platform will provide comprehensive tourism information in digital content that meets the needs of both groups. As a result, Thailand’s SMEs now can access a quality affordable platform while other startups can plug in to offer their services.

Safe T, he explained, is an abbreviation for Safe Thailand. It means that local SMEs must contribute to the preservation of the country’s tourism industry by developing their own distinct identity and promoting it to the rest of the world.

“This is accomplished by gathering accurate information, which is then processed and presented using digital technology. Digital technology assists tourists in making more informed decisions. Similarly, digital technology helps to stimulate qualitative tourism while also boosting Thailand’s tourism sector,” said Nuttapon.

State agency-backed digital platform helps keep SMEs competitive in tourism sector

Safe T Travel’s chief marketing officer, Phanumet Setthasirisoonthron, said that the company’s 100 per cent Thai digital platform service provider offers tourism-related information such as accommodation, transportation, restaurants, local guides, activities, souvenir shops, and self-care locations.

Tourists can make advance reservations and payments through the QueQ application, which is another collaborator in this project. Aside from restaurants, the online service can be used at tourist attractions and park areas.

Furthermore, the QueQ application provides notification service, alerting tourists when the booking time approaches.

Senior marketing officer of Queue Q (Thailand), Suwimon Boontan, added that the application reduces density in high-demand areas, handles unlimited users, and benefits restaurants and Thailand tourism.

Nuttapon stated that Depa will provide and support knowledge development for entrepreneurs who lack the skills and understanding required to create digital content about their businesses using digital technology. This is done to help Thai businesses gain exposure and broaden tourists’ perceptions.

“The platform will increase tourists’ trust in using safe and standard-compliant services,” he concluded. “It opens up new opportunities for attracting new groups of tourists and provides dispersed visits to secondary city areas. This is regarded as a source of income for various Thai communities.”

Depa anticipates that more than 10,000 entrepreneurs will join the platform, increasing their business competitiveness, adding value to the tourism industry, reducing reliance on foreign platforms, and assisting in the transformation of the country’s economy into the next phase of the digital economy and society.

Nongluck Ajanapanya

Bangkok governor promises to keep partygoers safe on Halloween, Loy Krathong

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/thailand/policies/40021573

Bangkok governor promises to keep partygoers safe on Halloween, Loy Krathong

Bangkok governor promises to keep partygoers safe on Halloween, Loy Krathong

MONDAY, OCTOBER 31, 2022

Bangkok Governor Chadchart Sittipunt has instructed all relevant state agencies to ensure the capital does not see a repeat of Seoul’s Halloween tragedy.

He said on Monday that all night entertainment venues had been checked three months ahead of Halloween as there was a concern about their entry points.

Many events are being held across the capital to mark Halloween today, and Loy Kratong on November 8.

Chadchart said the fatal Itaewon Halloween stampede took place because the venue was small and overcrowded. People had rushed to the event because it had been suspended for two years due to the pandemic, he said.

In Bangkok, he said, there are a few risky points that need to be looked at, such as Silom Soi 2, where the entry point is narrow and the lane is filled with shops.

“I coordinated with BMA advisers yesterday and have inspected the area. I urge all sides, including partygoers and operators, to help each other. Everyone is cooperating because they understand there will be a great tragedy if steps are not taken to ensure safety,” he said.

He added that he has instructed his deputies to ensure all safety measures are in place for the Loy Krathong festivities next week.

The governor said all entry points should be clear and the number of stalls reduced to ensure there are clear exit paths.

Chadchart has also ordered strict control on activities like fireworks and measures to stop people from falling into waterbodies while releasing their floats.

He also advised the authorities to install surveillance cameras and set up a command centre to keep an eye on entry points. All district offices have also been instructed to submit a preparation plan.

As a long-term measure, Chadchart said, training in cardiopulmonary resuscitation (CPR) will be provided to members of the public and BMA staff to ensure immediate help is available in times of crisis.

Thailand improves anti-money laundering law in bid to upgrade TIP rating

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/thailand/policies/40021567

Thailand improves anti-money laundering law in bid to upgrade TIP rating

Thailand improves anti-money laundering law in bid to upgrade TIP rating

MONDAY, OCTOBER 31, 2022

Thailand’s law against money laundering is being improved in an effort to boost the country’s standing in the US State Department’s Trafficking in Persons (TIP) report, the government said.

Spokesperson Ratchada Dhnadirek said on Monday that the amended version of the Anti-Money Laundering Act will focus on three points:

  • Compensating victims for damage done to life, body, mind, freedom, hygiene and fame via actions that are part of a larger crime.
  • Giving victims the right to seek compensation and appeal in court if they have unknowingly become involved in criminal activities.
  • Allowing the court to instruct the Anti-Money Laundering Office to sell wrongly accumulated assets, transfer the money to the country’s treasury, and provide compensations.

The amended law was published on the Royal Gazette website last Tuesday and will go into effect in 60 days.

Ratchada said these amendments were in line with the international anti-money laundering law and efforts to tackle the financing of terrorism. The law has also been amended to help improve Thailand’s TIP standing.

She said related state agencies were working on the organic law to set up criteria, processes and conditions. This way, she said, victims will have easier access to justice, while the authorities can deal with money laundering more efficiently and improve the country’s image.

Thailand has been working hard in its fight against human trafficking after it was downgraded to Tier 2 Watchlist in 2021 from Tier 2 in 2020.

The hard work has paid off because the country was upgraded to Tier 2 this year, though Prime Minister Prayut Chan-o-cha has said he hopes Thailand will be upgraded to Tier 1 soon.