EXIM Bank teams up with Commerce Ministry, AMLO on Thai standards to combat proliferation of WMD

Rak Vorrakitpokatorn, President of EXIM Thailand, Ronnarong Phoolpipat, Director General of the DFT, Ministry of Commerce, and Director of EXIM Thailand, and Thepsu Bowonchotidara, Secretary General of AMLO, signed Memorandums of Understanding (MOUs) on Cooperation in Preventing and Combating the Proliferation of Weapons of Mass Destruction (WMD) at EXIM Thailand's head office on June 22.

This collaboration aims to combine the knowledge and expertise of each participating agency in a concerted manner to efficiently enhance international confidence in adhering to global standards for preventing and combating the proliferation of high-yield destructive weapons of mass destruction in Thailand.

After the assessment report in 2017, which evaluated Thailand's adherence to international standards in Anti-Money Laundering, Combating the Financing of Terrorism, and the Proliferation of Weapons of Mass Destruction (AML/CFT/WMD), it was revealed that Thailand had a low effectiveness rating in regulating, monitoring, and implementing measures to prevent WMD.

Consequently, Thailand is determined to enhance its rating in the upcoming assessment, scheduled for 2022 or within the next three years, with the goal of achieving a higher level of effectiveness.

In this context, EXIM Thailand, as a specialized financial institution under the supervision of the Ministry of Finance, will closely collaborate with the DFT and AMLO to enhance knowledge, understanding, and information sharing among public and private organizations in Thailand.

The objective is to establish and strictly implement AML/CFT/WMD policies and guidelines while recognizing the significant risks associated with these issues. Concrete strategies will be employed to manage internal risks within the organization, ensuring practical implementation.

Regular reviews and updates will ensure compliance with current circumstances and international standards, particularly concerning the control of dual-use items (DUI), as traditional weapons and military capabilities decline and are replaced by modern weapons derived from civilian technology.

This convergence of international arms control and import-export control requirements necessitates an increased focus on preventing the misuse of non-weapon materials for malicious purposes, such as the use of fertilizer components in bomb production, specific gases in acts of terrorism, or the incorporation of titanium materials from golf club heads in missile or weapon production.

Emphasizing the significance of these efforts, the aim is to bolster international confidence in both the public and private sectors of Thailand, promoting business operations and missions that stimulate trade, investment, and sustainable industrial development, benefiting Thailand and the global community as a whole.