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Anti-Money Laundering and Combating the Financing of Terrorism measures play an important role for financial institutions and specified non-financial businesses (collectively referred to as Reporting Entities), to combat money laundering and the financing of terrorism. The relevant AML/CFT laws, regulations and guidelines have been continuously improved in order to comply with international standards. To keep up with the dynamic and evolving regulatory developments, Baker McKenzie has issued this publication to provide an overview of Thailand’s AML/CFT regulations and guidelines.

On 18 August 2022, a webinar entitled Managing Customs Disputes in the Philippines took place as part of the Asia Pacific IMT webinar series. The collection targets of both the Philippine Bureau of Internal Revenue and the Bureau of Customs have increased to recover the lost government revenue caused by the pandemic. This has resulted in a rise in the imposition of penalties on importers for non-compliance. The webinar provides a brief discussion of the common issues raised during border disputes and post clearance audits, and the remedies available to the importers.

On 26 August 2022, the Minister of Human Resources announced a delay to the implementation date of the amendments to the Malaysian Employment Act. The amendments to the EA were originally anticipated to take effect on 1 September 2022, but this has reportedly been deferred to 1 January 2023. The Minister had clarified that this delay would allow employers to focus, in the short term, on recovering from the difficult economic situation arising from the COVID-19 pandemic. This would also, practically, provide a longer runway for employers to assess their employment benefits for compliance under the amended EA.

The Ministry of Health (MOH) will be introducing “Nutri-Grade”-related measures that will apply to freshly prepared beverages. From the end of 2023, all outlets selling freshly prepared beverages with higher sugar and saturated fat content will have to label such beverages with the “Nutri-Grade” mark. Outlets will also be prohibited from advertising freshly prepared beverages with the highest level of sugar and saturated fat content.

The National Privacy Commission issued Circular No. 2022-01 on 12 August 2022, entitled “Guidelines on Administrative Fines”. The Circular fixes the administrative fines to be imposed upon personal information controllers or personal information processors for infractions of the Data Privacy Act of 2012, its implementing rules and regulations, and the issuances of the NPC. The Circular takes effect on 27 August 2022 and will apply prospectively. Thus, complaints that have already been filed with the NPC prior to the effectivity date are not covered by the Circular.

On 1 August 2022, the Ministry of Industry and Trade issued Decision No. 1514/QD-BCT to apply anti-circumvention measures on cane sugar imported from Cambodia, Indonesia, Laos, Malaysia and Myanmar under HS codes 1701.13.00, 1701.14.00, 1701.91.00, 1701.99.10, 1701.99.90, and 1702.90.91. This comes after Vietnam initiated the anti-circumvention investigation on 21 September 2021.

In two separate decisions, the High Court provides a new sentencing framework that imposes heftier punishments for failing to ensure the safety of employees at work and provides clarification as to whether settlement payments may be taken into consideration when determining the amount of compensation payable by an employer for workplace injury. The General Division of the High Court (SGHC) in two recent decisions in Public Prosecutor v Manta Equipment (S) Pte Ltd [2022] SGHC 157 and MTM Ship Management Pte Ltd v Devaswarupa and others [2022] SGHC 178 considered two pieces of legislation concerning workplace safety and accidents in Singapore.