BANGKOK, Feb. 17 (UPI) -- Thailand has been labeled a high risk country for money laundering by the global Financial Action Task Force, officials said.
The task force said in a statement Thursday Thailand "has not made sufficient progress in implementing measures" to guard against money laundering and the financing of terrorism, the Bangkok Post reported.
The watchdog organization urged Thailand to pass laws criminalizing financing terrorism and to freeze the assets of known terrorists.
Fifteen countries, including Thailand, are on the task force's "grey list," which means higher costs and delays in international trade and financial transactions for those countries.
Deputy Prime Minister Yutthasak Sasiprapa denied Thailand is a money-laundering country.
"I know which country is laundering money and it's definitely not Thailand, but Thailand could be a gateway because people can enter the country easily. On one hand, we invite tourists to enter our country but on the other hand we have stringent inspections."
