Thailand has been a victim of several serious economic crimes since 1979. Based on the report of Sutthi Sookying about The Department of Special Investigation (DSI): Countermeasures in regard to the investigation of Economic Crimes and Special Crimes in Thailand, based on the report “Thailand has experienced and suffered from many kinds of economic crimes for a long time. The economic crisis in 1979 and in 1997 partly erupted from the fraudulent activities and malpractices of the financial institutions and the stock market. The country is also faced with drug trafficking, money laundering, underground banking, cheating and fraud on the public. Yet, typical economic crimes such as corruption, tax evasion, and government procurement fraud are prevalent.
At present, Thailand has successfully enacted new laws and established new agencies to combat theprevailing threats of economic crimes which I elaborate on later in this paper. Although some favourable signs of achievement have been observed in combating offences like corruption, drug trafficking and money laundering, the success of implementation and enforcement of laws in relation to other economic crimes, is yet to be ascertained. Particularly, after the economic crisis of 1997 until now, the government has failed to punish the malpractice executives and the wrongdoers. So, Thai society has come to realize that some existing agencies and the old system of criminal justice are not capable of fighting economic crimes and other serious crimes.”
Although Thailand has been recovering from economic crimes involving private entities and legal persons in Thailand, there are still some who manages to avoid the persecution by the law against such crimes. According to PwC Thailand, A decrease in reported fraud and other types of economic crimes in Thailand over the last two years may indicate companies aren't doing enough to protect themselves. It found 33% of companies reported economic crime and fraud in Thailand this year, down from 48% in 2018. While on the surface this appears to be a positive development, lower reported crimes can indicate a bigger problem.
With such serious threats against several involved entities in Thailand, Thai Companies are very exposed to such crimes and it is best if the Thai companies will take immediate action and respond to such exposure to fraudulent activities and risks.
Many companies such as Personal Protective Equipment (PPE) manufacturers like gloves, and mask manufacturers in Thailand have been affected by many fraudulent activities caused by fraudulent companies. Without proper action by the companies and the government, there will be no permanent solution to Economic Crime in Thailand.
Juslaws & Consult has handled many Economic-related crimes and other cases which involves a Thai Company and Thai business entities having issues with such cases as fraud or the same. Awareness is one thing but taking action and putting prevention as the main priority is the best thing a Thai company can do in order to avoid being a victim of economic crime or making it worst.It is best that you consult with a legal and business consultant if you are worried about your business being a victim of economic crimes or any crimes which may destroy and cause a lot of inconveniences on your part. Juslaws & Consult is always ready to provide you with extensive information and consultation regarding any related aspects of the discussed topic above, please do not hesitate to contact us if you have any further questions or inquiries.