Data bureau established to screen suspect financial transactions

15 Sept 18:44 Key points summarised by AI

A new data bureau, formed by the Bank of Thailand, Thai Bankers Association, and SEC, has been established to screen financial transactions suspected of links to “grey” money, scams, and illegal online gambling.
The initiative aims to gather data to improve existing laws, align with G7’s Financial Action Task Force (FATF) standards, and more effectively combat online criminal activities.
The bureau specifically targets inadequately regulated gold trading, where discrepancies in purity standards (96.5% vs 99.99%) are exploited as a money laundering loophole by scam networks.
The Central Bank will tighten controls by requiring financial institutions and money exchange services to report suspicious transactions to both the central bank and the Anti-Money Laundering Office (AMLO).

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Today 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.