Thai Government Strengthens Laws on Pyramid Schemes

[webfact]

 

The Thai government is poised to make significant amendments to existing laws targeting pyramid-fund schemes. These changes aim to broaden enforcement scope to take action against not just the masterminds but also the lower-level operatives involved in these fraudulent activities.

 

Thailand's Deputy Finance Minister Julapun Amornvivat outlined these forthcoming amendments, which will enhance the authority's ability to tackle pyramid schemes more effectively. Currently, the law restricts action to top-level figures, allowing lower-level fraudsters to evade prosecution.

 

The amendments will also see the Finance Ministry handing over enforcement responsibilities to the Justice Ministry. Julapun cited that the Justice Ministry is better equipped with the necessary tools for taking timely action against offenders, unlike the policy-oriented Finance Ministry.

 

Further, the revised laws will introduce mechanisms to proactively warn both government bodies and the public about potential pyramid schemes before they inflict harm.

 

This follows the recent controversy involving The iCon Group, accused of operating as a pyramid scheme under the guise of a multi-level marketing (MLM) business.

 

Over 9,000 complaints have been filed against the group, with alleged damages reaching 2.916 billion baht. Law enforcement has already arrested 18 executives from the group.

 

Prime Minister Paetongtarn Shinawatra has tasked Julapun with revamping the current law to close existing loopholes and better protect society from fraudulent schemes.

 

The first piece of legislation up for revision is the "Emergency Decree on Borrowings Regarded as Public Cheating and Fraud, B.E. 2527". Enacted 40 years ago amid the Mae Chamoy pyramid fund scheme scandal, this law has remained unchanged, failing to adapt to new technological tricks employed by modern fraudsters, reported The Nation.

 

Additionally, three other laws requiring revision are the Act on Direct Sales and Direct Marketing of 2002, the Computer Crime Act of 2017, and the Anti-Money Laundering Act of 1999. These changes aim to align the legal framework with contemporary technological developments, ensuring it remains robust enough to combat emerging pyramid scheme models effectively.

 

TOP: Picture courtesy: Thai Rath

 

-- 2024-10-29

 

 

[john donson]

is there not something in thai...   if it sounds too good to be true...

[harryviking]

These Pyramid schemes used to be something we saw in Europe decades ago, until it was banned and never seen again. Incredible too see this show up in Thailand, but I guess no one have ever heard about it before. Now-a-days I keep on wondering if we could call the "Bitcoin madness" a kind of the same thing? Lol! Just a thought...🙄.

[spidermike007]

Well since the entire RTP, customs and immigration are all giant pyramid schemes, let's hope they start there. LOL. 

[hotchilli]

22 hours ago, webfact said:

The Thai government is poised to make significant amendments to existing laws targeting pyramid-fund schemes.

Will the temples be included?