August 19, 2024, the Anti-Money Laundering Office (AMLO) held an event to commemorate the 25th anniversary of its establishment. The event was presided over by Mr. Chatchai Promlert, Chairman of the Anti-Money Laundering Board, who opened the ceremony. Attending the event were Mr. Theppasu Bavornchotidara, Secretary-General of the Anti-Money Laundering Board, representatives from public and private sectors, financial institutions, as well as AMLO executives and officials. The event took place at the Mandarin Grand Ballroom, Mandarin Hotel, Bangkok.

Mr. Theppasu Bavornchotidara, the Secretary-General, stated that during the past 25 years, AMLO has strengthened its mission by employing a results-oriented management approach. This approach seamlessly connects the system for prevention and suppression of money laundering predicate crimes that undermine the economy, especially technology-related crimes and mule accounts that has been affecting the wider public, in line with the government’s policy in prevention of emerging threats that causes severe damage to the country. The operation has also been strengthened to increase efficiency and effectiveness in line with AML/CFT international standards. The notable results includes.

1. Proceeded with Asset Worth Over 25,631 million Baht

In the fiscal year 2024 (October 2023 – July 2024), AMLO proceeded with assets worth over 25,631 million baht under the Anti-Money Laundering Act of 1999, categorized as follows:

(1) Seizure and freezing of assets connected with the commission of criminal offenses over 7,878 million baht in total.

(2) Referred cases to the public prosecutors to file with the court to forfeit assets over 9,067 million baht.

(3) Referred cases to public prosecutors to file with the court for orders to protect victims’ rights, involving assets valued over 5,288 million baht.

(4) Transferred assets, which the court ordered to forfeit, to the Ministry of Finance, over 3,398 million baht.

Notable cases include:

Fraud case involving cryptocurrency investments (seizure and freezing of assets worth approximately 597 million baht), STARK stock case (seizure and freezing of assets worth approximately 3,245 million baht), Aum PSV and associates case (seizure and freezing of assets worth approximately 747 million baht), Transnational organized crime network case (Operation SAHELL GAME) (seizure and freezing of assets worth approximately 10 million baht), the hybrid scam of transnational crime network case (seizure and freezing of assets worth approximately 80 million baht), Lak Si Station Limited Partnership and associates case (seizure and freezing of assets worth approximately 136 million baht), a major call center gang case (seizure and freezing of assets worth approximately 1,017 million baht).

Additionally, AMLO successfully recovered over 76 million baht related to drug offenses from Switzerland this year. This marks Thailand’s first case of international asset forfeiture under the Anti-Money Laundering Act, bringing the funds back to Thailand through the asset recovery process.

2. Measures have been continuously implemented to cut off financial support for persons involved in terrorism and the proliferation of weapons of mass destruction. This includes publishing the names of 345 individuals on the UN Sanction List under Section 6 and 49 individuals on the Thailand Sanction List under Section 7. These actions are in accordance with the Anti-Terrorism and Proliferation of Weapons of Mass Destruction Financing Act of 2016, as part of financial sanction against those involved. The enforcement of both civil and criminal measures remains a priority to ensure national security and public safety.
3. The announcement of high-risk individuals to monitor and limit the access to electronic transaction is aimed at preventing and resolving issues related to mule accounts and technological crimes, such as call center scams. AMLO has published a list of 52,269 high-risk individuals to restrict electronic transactions. As a result, 484,856 related accounts could not utilize their account over electronic transaction channels, preventing these accounts from being used for fraud or causing harm to the public. Currently, the total remaining balances in these restricted accounts amount to 1,307,977,981.22 baht.
4. Legal Reforms to Address Public Issues and be in line with International Standards. AMLO has initiated legal amendments aimed at protecting victims' rights, leading to the issuance of the Ministerial Regulation on the Return or Compensation of Assets Connected to Criminal Offenses and Restitution for Victims of Predicate Offenses, to clarifies the rules for returning or compensating assets to victims, facilitating and expediting the process for returning funds to the victims. AMLO is currently drafting new legislation to establish mechanisms that allow the executive branch to return funds to victims more swiftly. Additionally, AMLO is pushing forward the draft amendment of the Anti-Terrorism and Proliferation of Weapons of Mass Destruction Financing Act, in preparation for Thailand’s Mutual Evaluation in 2027. The draft is currently under review by the Senate. Moreover, AMLO has refined guidelines for reporting entities to enhance effectiveness of supervision. These are part of efforts to strengthen Thailand’s financial system and preventing it from being exploited for money laundering or other criminal activities.
5. Strengthening AMLO’s Management and Collaborative Efforts with Partners for Effective Law Enforcement. AMLO has adopted technological systems to accelerate its operations, establishing standardized procedures for supervising reporting entities, managing assets, and legal proceeding for criminal money laundering cases. This also includes improving asset management processes to ensure consistent operational standards among its officers. Additionally, AMLO has focused on developing the skills of its personnel, especially in technology, to enhance their capabilities. The electronic channels for submitting requests for victim protection was also introduced to provide greater convenience for the public when contacting the office.

Additionally, AMLO has concluded an MOU with the Public Sector Anti-Corruption Commission (PACC) and Thailand Securities Depository to coordinate the legal proceedings. By the end of August, another MOU will be signed between AMLO and the Securities and Exchange Commission (SEC), and the Stock Exchange of Thailand. Furthermore, AMLO has also concluded MOUs with foreign jurisdictions such as Guatemala, Timor-Leste, and the Maldives to enhance cooperation in financial intelligence sharing, thereby improving the effectiveness of anti-money laundering measures. AMLO also works closely with various sectors, including public and private entities responsible for transaction reporting, and engages with the public to build a network for prevention and suppression of money laundering. This involves raising public awareness to prevent people from being victimized by fraud or money laundering schemes.

Mr. Theppasu, the Secretary-General added that these are a part of the results of AMLO’s work in the year 2024 that carried out with integrity and fairness for the country and the people, In the 26th year, AMLO will continue to drive operations in all areas with dedication, sustainably keeping abreast with the changes in Thai society for the ensure security and safety to the country and the people.