NACC plans stricter financial rules

The National Anti-Corruption Commission is considering new regulations requiring financial institutes to report cash transactions of more than 500,000 baht made by national and local politicians and government officials.

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The planned regulations will also require financial institutes to report to the NACC when any group carries out a real estate transaction worth more than one million baht, NACC president Panthep Klanarongran said Wednesday evening after a meeting with executives of financial establishments and concerned agencies which discussed the proposals. 

Holders of political positions currently are expected to report to the Anti-Money Laundering Office (Amlo) only when they carry out financial transactions worth more than two million baht.  

The more stringent rules proposed by the NACC were intended to prevent corruption in addition to the existing measures, he said.

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