The Thai Revenue Department announced earlier this month that new legislation effective from April 2 increases penalties for those taxpayers committing tax fraud or evading their tax liability.
In a statement accompanying the enactment of the Revenue Code Amendment Act (No.45) B.E. 2560, the Department revealed that such fraudulent activity involving sums in excess of THB10m (USD291,235) will also be deemed to be a serious money laundering offense.
Somchai Saengratmaneedet, Deputy Director-General acting Principal Advisor on Strategic Tax Administration, speaking on behalf of the Revenue Department, explained that: "Since Thailand is a member of Asia Pacific Group on Money Laundering (APG), it is necessary to comply with the guidance of [the] FATF in defining a serious tax crime as a predicate offense under the Prevention and Suppression of Money Laundering Law." Anyone committing an offense will be reported to the Anti-Money Laundering Office.