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Thailand Struggles with Financial Crimes: A Growing Concern for Businesses and Government

Thailand has been plagued by a range of serious economic crimes since 1979, causing significant financial losses and undermining public trust. According to the Department of Special Investigation (DSI), these crimes have contributed to two major economic crises in the country: one in 1979 and another in 1997.

Typical Economic Crimes Prevalent in Thailand

Typical economic crimes such as corruption, tax evasion, and government procurement fraud are prevalent in Thailand, with many cases going unpunished. Despite efforts to combat these crimes, the country’s economy remains vulnerable to fraudulent activities, with companies and individuals continuing to engage in malpractices.

Thai Companies Under Attack

Thai businesses are highly vulnerable to crimes such as fraud, making it imperative for them to take immediate action to respond to these risks. Many companies have been impacted by fraudulent activities perpetrated by deceitful entities, including Personal Protective Equipment (PPE) manufacturers like glove and mask producers.

Other Crimes in Thailand

Corruption, along with drug use and distribution, constitutes the majority of crime in Thailand. Efforts to curb the drug trade have been persistent, with recent years seeing the establishment of approximately 3,000 to 4,000 security companies. These companies have deployed almost half a million security guards nationwide as part of the country’s crime prevention strategy.

Crime Concentrates in Tourist Areas

Crime tends to concentrate in areas with high tourist activity, such as Phuket and Bangkok, which are also centers for human trafficking and prostitution. Major cities like Phuket and Bangkok are particularly noted for drug abuse, with drugs frequently entering the country through its northern borders.

The United Nations’ Efforts to Reduce Crime in Thailand

The United Nations is actively engaged in initiatives to reduce crime in Thailand, addressing intentional killings and armed conflicts, improving land resource management, and enhancing practices within the Anti-Money Laundering Office. These issues are of significant concern to the government.

Scams and Foreign Gangs in Thailand

Scams are notably prevalent in Thailand, especially in areas heavily frequented by tourists. The country has seen a significant number of fraudulent travel agents who regularly deceive tourists, encompassing both white-collar crimes and property-related crimes. Additionally, following the Malaysia Airlines Flight 370 incident, several scandals were uncovered involving the use of stolen visa labels to cross the Thai border.

Foreign Gangs and Fugitives in Thailand

Thailand was once considered a refuge for criminals seeking to escape legal repercussions in their home countries. Among the most active criminal elements in Thailand are foreign gangs, which are involved in a range of offenses from petty theft to identity fraud and other minor crimes.

Conclusion

Juslaws & Consult has extensive experience in managing cases related to economic crimes, particularly those involving Thai companies and business entities facing issues such as fraud. While being aware of potential threats is important, taking proactive action and prioritizing prevention are crucial steps a Thai company can take 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 or any other issues that could significantly disrupt operations and cause inconvenience, it is advisable to consult with a legal and business consultant. Juslaws & Consult is always available to offer comprehensive information and consultation on any aspects related to the topics discussed above. Please do not hesitate to contact us with any further questions or inquiries.