Financial Crime World

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Financial Crimes Investigation Process in Thailand: Understanding the Laws and Penalties

What You Need to Know About Fraud in Thailand

Fraud is a serious offense in Thailand, and those found guilty can face severe penalties. In this article, we will delve into the financial crimes investigation process in Thailand, exploring the laws surrounding fraud, the types of fraudulent activities that are punishable under Thai law, and the consequences of being convicted.

Is Fraud a Civil or Criminal Offense in Thailand?

Fraud can be either a civil or criminal offense in Thailand, depending on the nature of the fraudulent action. If the perpetrator is found guilty, they may face fines, imprisonment, or both.

What Constitutes Fraud in Thailand?

According to the Thailand Criminal Code, fraud occurs when an individual conceals information that must have been provided to another person in order to dishonestly obtain property from them, or when they deceive someone into executing a legal document.

Statute of Limitations for Criminal Fraud

The statute of limitations varies depending on the nature of the case brought before the court. In general, cases need to be filed within three months from the date of knowing the offense and the offender, otherwise, the statute of limitations will lapse.

Civil Proceedings Against Fraud

In addition to criminal penalties, those found guilty of fraud may also face civil sanctions under the Securities and Exchange Act. These include:

  • Fines equal to the loss incurred
  • Reimbursement of investigative expenses
  • A ban on serving as a director or executive in a securities company for up to 10 years
  • Suspension from trading in securities for not more than five years

Types of Fraud Under Thai Law

The Thailand Criminal Code defines various types of fraud, including:

Section 341: Cheating by Deception or Concealment of Facts

  • Punishable by a fine not exceeding THB60,000 or imprisonment for up to three years.

Section 350: Preventing Creditors from Receiving Debt Payments

  • Punishable by imprisonment for two years or a fine not exceeding THB40,000.

Section 14 of the Computer Crime Act 2007: Importing False Data that May Cause Damage to the Public

  • Punishable by imprisonment for three years or a fine not exceeding THB60,000.

Penalties for Fraud

Those found guilty of fraud may face penalties including:

  • Confinement
  • Imprisonment
  • Fines
  • Forfeiture of property

Bail is generally granted, but the court considers factors such as the severity of the offense, evidence against the offender, and the credibility of those filing for bail.

Safeguards Available to Defendants

Defendants in a fraud case have various safeguards available to them, including:

  • The right to legal counsel of their choice during an inquiry or preliminary examination.
  • Protection from evidence obtained through illegal means.
  • The right to appeal to the Court of Appeal and Supreme Court.

If you require assistance with either civil or criminal fraud cases, contact our experienced Thailand litigation lawyers today. They have successfully litigated in this area for years and can provide guidance on navigating the complex financial crimes investigation process in Thailand.