Thailand Struggles with Economic Crimes: Tourism Sector at Risk

Introduction

Thailand has been grappling with economic crimes for decades, causing significant damage to its economy. According to a report by The Department of Special Investigation (DSI), economic crimes in Thailand have resulted in widespread financial losses and erosion of public trust.

The Impact of Economic Crimes on Thailand’s Economy

The most recent economic crisis in 1997 was partly fueled by fraudulent activities and malpractices of financial institutions and the stock market. Since then, Thailand has struggled to combat corruption, tax evasion, and government procurement fraud. While some progress has been made in tackling corruption and money laundering, other economic crimes remain a significant threat.

Thailand’s Tourism Sector at Risk

Thailand’s tourism sector is particularly vulnerable to economic crimes such as scams and property-related crimes. Fraudulent travel agents have been known to deceive tourists, while foreign gangs and fugitives have also been active in the country. The United Nations has expressed concern over these issues and is working with the Thai government to address them.

Companies Still Vulnerable to Economic Crimes

A recent survey by PwC Thailand found that 33% of companies reported economic crime and fraud in Thailand this year, down from 48% in 2018. While this may seem like a positive development, it could indicate a bigger problem, as lower reported crimes can mean that companies are not doing enough to protect themselves.

Personal Protective Equipment (PPE) Manufacturers Affected

Thai companies, including PPE manufacturers, have been impacted by fraudulent activities perpetrated by deceitful entities. Without decisive actions from both the companies themselves and the government, there will be no lasting solution to combat economic crime in Thailand.

Government’s Efforts to Combat Economic Crimes

The Thai government has established new agencies and laws to combat economic crimes, but their success is yet to be ascertained. The government needs to take a proactive approach to prevent economic crimes and protect its citizens and businesses.

Proactive Action Required

Juslaws & Consult, a legal and business consultant, emphasizes the importance of taking proactive action and prioritizing prevention to safeguard against becoming a victim of economic crime or exacerbating existing problems. If you are concerned about your business’s vulnerability to economic crimes, it is advisable to consult with a legal and business consultant like Juslaws & Consult.

Conclusion

Thailand needs to take immediate action to combat economic crimes and protect its tourism sector. The government must work with the private sector and international organizations to prevent economic crimes and ensure that businesses are protected from deceitful entities. By taking proactive steps, Thailand can reduce the impact of economic crimes and promote a safer business environment for all stakeholders.