Government finds itself backed into a corner on digital wallet scheme

23 Sept 19:23 Key points summarised by AI

The National Anti-Corruption Commission (NACC) issued a stern warning that the Thai government's 500-billion-baht digital wallet scheme risks violating the Constitution and fiscal laws, citing potential corruption and an insufficient economic crisis to justify the massive handout.
The controversial plan faces widespread criticism from economists, former central bank governors, and the Council of State, who deem it fiscally irresponsible, inflationary, and potentially illegal under the State Fiscal and Financial Disciplines Act.
Despite these warnings and revisions to reduce costs, the government remains committed to the scheme, with the Deputy Finance Minister asserting it's a vital economic stimulus and suggesting the NACC overstepped its authority.
Critics caution that ignoring these warnings could lead to significant legal repercussions for ministers, drawing parallels to past high-profile cases of negligence in public spending.
Experts outline the government's limited options: proceed (which carries high legal and constitutional risks), scale down (still risky for off-budget loans), or postpone the scheme to the next fiscal year (considered the safest, but still a massive budget item).

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.