Central bank launches measures to prevent use of “mule” bank accounts

21 Sept 06:10 Key points summarised by AI

The Bank of Thailand (BOT) has enforced the "Shutdown Mule Accounts" measure, compelling all financial institutions to halt transactions in suspected mule accounts and notify customers.
Commercial banks are now empowered to immediately stop financial transactions in accounts they deem suspicious, aiming to mitigate damage from online scammers and call centers.
A significant new measure permits banks to share information about customer accounts believed to be exploited by scammers, a practice previously disallowed.
The BOT plans to expand its focus to combat the use of cryptocurrency accounts and corporate entities for mule account activities in its next phase.

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.