The National Anti-Corruption Commission (NACC) has begun enforcing a notification that require private parties with a contract with a state agency or state owned enterprise (SOE) to submit an income and expense statement with the NACC if that contract has a value of two million Baht or more.
In May 2015, the U.S. Department of Justice (DOJ), in connection with investigations by the Federal Bureau of Investigation and the Internal Revenue Service Criminal Investigation Division, indicted fourteen people in connection with wire fraud, racketeering and money laundering as part of an investigation over the past several years.
A trust receipt is a method of financing the purchase of goods, as well as a security instrument over goods (generally inventory). Typically, a buyer requires
Former Asean secretary-general and Thai foreign minister Surin Pitsuwan says “corruption threatens to turn Thailand into an investment “black hole” of Asean as it makes doing business in the country far too costly”, according to a front page article in the 13 October Bangkok Post. Mr. Surin said corruption in Thailand had reached the crisis point, saying:
An application developed by Bribespot now allows smartphone reports on bribery in the Thai language according to the Voice of America (VOA). A Transparency International survey found that fully one quarter of the Thai population acknowledged they were obliged to make a pay off at least once a year.
Fourth Set of Amendments to Thai Anti-Money Laundering Act
Amendments to the Thai Anti-Money Laundering Act (“AMLA”) were published in the Government Gazette on 1 February 2013 and became effective on 2 February 2013. Generally, the amendments aim to expand the AMLA’s scope of application and set out additional duties on the Anti-Money Laundering Board and Anti-Money Laundering Office.
The Thai Coalition Against Corruption (CAC) says corruption in the country has risen sharply over the past two years to an urgent level now, according to a 4 June 2013 report in the Bangkok Post. According to the report, “Business leaders believe Thailand’s economic growth might be 50% higher if not for corruption, according to the latest survey conducted by the CAC.”
Following a Delaware Court decision in a headline case, directors of U.S. corporations are at greater risk now for personal liability for FCPA violations and other acts of corporate malfeasance abroad.
Top institutional investors in Thailand have announced that they will collaborate on encouraging good corporate governance and anti-corruption efforts among Thai listed companies by focusing investment in those companies with proven transparency and anti-corruption track records. On the influential corruption perceptions index, Thailand scored 88 in 2012, a ranking shared with Malawi, Morocco, Suriname and Zambia.
In February 2012, the intergovernmental Financial Action Task Force (FATF) added Thailand to its “grey list” of countries due to its failure to take adequate steps against money laundering and terrorist financing by not enforcing its existing anti-money laundering laws.
