Bank of Thailand chief says rule to curb ‘grey economy’ will take effect in fourth quarter
Bank of Thailand governor Vitai Ratanakorn discusses a range of topical issues during a meeting with economic reporters on Saturday. (Photo: Bank of Thailand)
Customers depositing more than 5 million baht in cash will be required to disclose the source of the funds from the fourth quarter as part of tighter measures to curb the grey economy and illicit financial activities, according to Bank of Thailand governor Vitai Ratanakorn.The central bank places high priority on tackling Thailand’s structural problems, particularly the informal economy, grey capital and corruption, Mr Vitai said during a meeting with economic reporters on Saturday.
Consequently, the BoT does not want financial institutions under its supervision to be used as channels for illegal activities, prompting it to tighten oversight.
Mr Vitai said officials are now renewing the scope of the central bank’s legal authority before finalising the deposit disclosure requirements.
