According to Thai media reports, the Central Investigation Bureau of Thailand held a press conference to announce the results of a recent special crackdown on the grey economy businesses.
Director-General Chiraphong stated that the Central Investigation Bureau, in collaboration with the Department of Business Development of the Ministry of Commerce, conducted investigations into Chinese-funded enterprises across 46 regions nationwide, resulting in the closure of 442 companies suspected of illegal activities, involving financial transactions amounting to 3.6 billion Thai Baht.
Deputy Minister of Commerce Napintong revealed at the press conference that to prevent illegal foreign-funded enterprises from threatening Thailand's economy and society, the Department of Business Development and the Bank of Thailand signed a memorandum of understanding on November 4th to strengthen joint supervision of grey economy enterprises. This operation focused on two types of businesses:
1. Illegally registered businesses: Some enterprises are registered through Thai agents but are essentially controlled by Chinese capital. These enterprises operate in industries that Thai law restricts to Thai nationals only, and some have also acquired land and properties through illegal means, with a total case value exceeding 254 million Thai Baht.
2. Shell companies: Some enterprises use registered company names to open bank accounts for engaging in telecommunications fraud or money laundering. Criminals use these corporate accounts to conceal the flow of funds, evade identity verification, and even make unrestricted transfers, posing a serious threat to public interest.
There are differing views in society regarding foreign enterprises registering through Thai agents.
Some believe that foreign enterprises can promote economic development, but others warn that if these enterprises engage in illegal activities, such as drug trafficking or telecommunications fraud, it could not only harm the public but also pose a severe threat to national economic development and security.
Chiraphong emphasized that this operation demonstrates the government's commitment to enhancing regulatory measures and combating activities that exploit legal loopholes and harm society. He pointed out that only by promptly identifying and addressing these issues can Thailand's economic order and social security be maintained.
This operation is seen as an important measure by the Thai government in managing the grey economy and protecting national interests, and it may lead to stricter compliance requirements for foreign enterprises operating in Thailand in the future.
