Bangkok: The government is ramping up efforts to combat illicit funds and fraudsters exploiting fraudulent bank accounts linked to corporations to deceive Thai citizens. It has been emphasized that any individual found involved in or assisting these activities will face decisive legal action.
According to Thai News Agency, Ms. Airin Phanrit, Deputy Spokesperson for the Prime Minister's Office, highlighted the increasing prevalence of businesses evading or violating the law by using nominee accounts and front corporations. This trend adversely affects the public, economic stability, and the country's trade and investment image. The government is prioritizing integrated cooperation across all sectors to manage potential problems, particularly the shift from individual nominee accounts to corporate nominee accounts, which creates credibility for deception. Accountants and accounting firms play a crucial role in preventing this issue in the early stages of the Thai business system.
The government, through the Department of Business Development, Ministry of Commerce, is collaborating with eight accounting firms to combat illicit capital and fraud by refusing to register, provide accounting services, or support illicit funds. This initiative aims to disrupt the cycle of illicit businesses, particularly those using nominee accounts, which are increasingly prevalent and negatively impact the public, economic stability, and the country's trade and investment image.
Ms. Airin also revealed that an investigation into fraudulent corporate accounts conducted by the Department of Business Development in collaboration with the Anti-Money Laundering Office (AMLO) examined over 9.8 million entities. The investigation identified approximately 1,500 individuals at risk, whose names matched those in AMLO's HR-03 list. The list of companies associated with these individuals has been forwarded to the Royal Thai Police, the Department of Special Investigation (DSI), and AMLO for further action.
In efforts to protect vulnerable groups, particularly the approximately 13.4 million low-income individuals registered for the state welfare card, investigations have uncovered 200 names fraudulently used to register legal entities. These individuals have been summoned for questioning and asked to provide clarification and financial evidence. However, most have not appeared or have abandoned the request. Their names will be submitted to the Ministry of Finance for reconsideration of their status as welfare cardholders.
Should accountants or accounting firms be found guilty of assisting in the registration of fraudulent legal entities for foreigners, creating "mock" accounts without verification, or knowingly engaging in fraudulent activities, legal action will be taken. Furthermore, the case will be referred to the Federation of Accounting Professions under the Royal Patronage for further action according to existing regulations. Thai citizens are strongly warned against cooperating as nominees to allow foreigners to conduct business in Thailand while circumventing the Foreign Business Act B.E. 2542 (1999). Anyone found guilty will face decisive legal action.