Thailand and Switzerland secure significant sum from drug kingpin

[webfact]

 

Thailand secured a substantial windfall of 1.88 million Swiss francs (76.89 million baht) from Switzerland, originating from the assets of drug kingpin Wei Hsueh-kang.

 

In a ceremony presided over by Deputy Attorney General Jumpon Phansumrit, Thailand inked its inaugural asset-sharing pact with a foreign nation, setting a precedent for future collaborations in the war against crime.

 

This landmark agreement signals a shift in international cooperation, hinting at a promising future where ill-gotten gains find their way back to the coffers of justice. According to an informed source, this pact lays the groundwork for similar alliances with countries notorious for harbouring criminal wealth, including Singapore, the United Kingdom, the United States, Ireland, and Luxembourg.

“The Office of the Attorney General is spearheading efforts to repatriate assets stashed abroad by criminals. With the Mutual Assistance in Criminal Matters Act as our guide, we anticipate a swift return of these assets to Thai soil.”

It began with a meticulous probe by the Anti-Money Laundering Office (AMLO), uncovering Wei Hsueh-kang’s clandestine fortune amassed from the narcotics trade. A Chinese-born magnate operating in Myanmar, Wei had funnelled proceeds from methamphetamine smuggling into Swiss bank vaults, only to be ensnared by the long arm of the law.

 

Following AMLO’s findings, the Office of the Attorney General mobilised efforts to enlist Swiss cooperation in seizing Wei’s ill-gotten gains. A protracted legal battle ensued, culminating in the Supreme Court’s damning verdict of money laundering against Wei in August 2016. Subsequent petitions to the Civil Court bore fruit in September 2017 when the court sanctioned the confiscation of Wei’s Swiss assets for repatriation to Thailand, reported The Nation.

 

The OAG pressed Swiss authorities for the swift restitution of the seized assets. Finally, in a testament to the power of international collaboration, Switzerland acceded to Thailand’s request, setting the stage for the historic asset-sharing pact.

 

In August 2021, a Thai delegation led by Jumpon Phansumrit embarked on negotiations with Swiss counterparts, culminating in an equitable agreement to split the confiscated assets evenly between the two nations.

 

The Office of the Attorney General extended gratitude to AMLO, the Foreign and Finance ministries, as well as Swiss public prosecutors and the Federal Department of Justice and Police for their pivotal roles in this triumph of justice.

 

by Nattapong Westwood

Photo courtesy of The Nation

 

Source: The Thaiger 2024-03-04

 

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[flyingtlger]

37 minutes ago, webfact said:

Wei had funnelled proceeds from methamphetamine smuggling into Swiss bank vaults

Just follow the money trail.....

[hotchilli]

4 hours ago, webfact said:

This landmark agreement signals a shift in international cooperation, hinting at a promising future where ill-gotten gains find their way back to the coffers of justice. According to an informed source, this pact lays the groundwork for similar alliances with countries notorious for harbouring criminal wealth, including Singapore, the United Kingdom, the United States, Ireland, and Luxembourg.

I wonder if that process works as easily both ways?

[SAFETY FIRST]

6 hours ago, webfact said:

 

Thailand secured a substantial windfall of 1.88 million Swiss francs (76.89 million baht) from Switzerland, originating from the assets of drug kingpin Wei Hsueh-kang

Any relation to the Swiss 'Elephant Man', crazy guy who kicked the lady doctor on the Phuket beach? 

 

 

[dinsdale]

The very smallest tip of a very large iceberg. There's another very big iceberg out there and that's got the corruption money of those at the top. 

[varun]

19 hours ago, webfact said:

This landmark agreement signals a shift in international cooperation, hinting at a promising future where ill-gotten gains find their way back to the coffers of justice.

 

Not a chance in hell that this money will end up in the coffers.

More like siphoned away to fund the mia-noi budgets of the poo yai.