Thailand 7th in illegal movement of money
By Coconuts Bangkok


Photo: Ana Ulin

BANGKOK: -- Thailand’s illicit financial flow ranks seventh in the, part of nearly $1 trillion (THB33 trillion) drained from developing countries in 2012, a global anti-corruption group said today, representing a record level of corruption, money laundering and false trade documentation.

The Washington-based group Global Financial Integrity said illicit financial flows around the world grew at 9.4 percent a year in the decade to 2012, around double the pace of economic growth, draining funds especially from impoverished countries.

"Emerging and developing countries hemorrhaged a trillion dollars from their economies in 2012 that could have been invested in local businesses, health care, education, or infrastructure," said the study's co-author, economist Joseph Spanjers. "This is a trillion dollars that could have contributed to inclusive economic growth, legitimate private-sector job creation and sound public budgets."

Thailand accounts for THB1.17 trillion, and the kingdom is one of four middle-sized economies in the top 10, along with Malaysia (No. 5), Mexico (No. 4) and Saudi Arabia (No. 6).

The largest outflows came from giant, still poorly-regulated economies like Brazil, China, India and Russia, GFI's new report says.

Money illicitly streamed out of China at a rate of about $125 billion annually over that period, for instance.
Mexico is third on the list of largest outflows at an average $54 billion a year.

In total, the report put the total illegal capital movements from developing and emerging economies in 2012 at $991.2 billion, greater than the combined sum of incoming foreign investment and foreign aid in those countries.

Over a decade, the total was $6.6 trillion, the equivalent of nearly 4 percent of the entire global economy. In terms of the relative size of the impact, the countries most hurt by the flows were in the Middle East and North Africa and in Sub-Saharan Africa. [read more...]

Full story: http://bangkok.coconuts.co//2014/12/16/thailand-7th-illegal-movement-money


-- Coconuts Bangkok 2014-12-16

Dear Leader is not going to be happy with that - he wants Thailand to be #1 in all things ...

Now I know why there are so many brand new Mercs and BMW on the highways lately

When asked general happiness for an explanation he answered, Don't ask me, I don't know about this, i forgot.

we can be number 1, just tales a little more time

Don't blame this current administration this dubious accolade.

This dubious accolade was earned under a previous or previous administrations i.e. 2012.

Well let's see if anyone can or will actually recall who or what political clique was in power then.

Don't blame this current administration this dubious accolade.

This dubious accolade was earned under a previous or previous administrations i.e. 2012.

Well let's see if anyone can or will actually recall who or what political clique was in power then.

Come on siampolee, you are smarter than that!!

Money has been siphoned out of the official economy here for centuries.

As long as you have people, who in fact are above the law, nothing is going to change.

And seriously, I doubt very much, that the worst offenders voted for the PTP.

Red or yellow, they are equally rotten. Greed is in their DNA!!

woohoo!!!! another hub!!!!

"This is a trillion dollars that could have contributed to inclusive economic growth, legitimate private-sector job creation and sound public budgets."

Actually, it would mostly just have contributed to ever-increasing taxes.

What ! they are sending it out by the container load,is that

what the picture implies .

regards Worgeordie

"This is a trillion dollars that could have contributed to inclusive economic growth, legitimate private-sector job creation and sound public budgets."

Actually, it would mostly just have contributed to ever-increasing taxes.

At least the taxes would be used to provide better roads and infrastructure rather than being put into individuals pockets?????

we can be number 1, just tales a little more time

Will need to build more garages to store all that cash, in order to become #1

Don't blame this current administration this dubious accolade.

This dubious accolade was earned under a previous or previous administrations i.e. 2012.

Well let's see if anyone can or will actually recall who or what political clique was in power then.

Wow. You took a twenty year trend and tried to pin it on the last three years.

Nice try. Here's your sign. And, just so you know, the east is where the sun rises, not where it sets.

Dear Leader is not going to be happy with that - he wants Thailand to be #1 in all things ...

From # 7 to # 1 should be possible in a short time in a country where greed is god.

Beaten by Malaysia, of all places. Not even number 1 in ASEAN.

Gee.... if the money is leaving these developing and emerging countries, where is it going?

Oh! To the developed ones!

Does that make them even worse?

Dear Leader is not going to be happy with that - he wants Thailand to be #1 in all things ...

Well it doesn't have a number of #1's to its credit ...

Tourism scams

Abuse of Human Rights

Hub of everything

Rampant and uncontrollable corruption

that's just the tip of the iceberg.

We shall see if the Junta will address these sorts of shortcomings , but that is doubtful. Sure this sort of business goes all the way to the top

Don't blame this current administration this dubious accolade.

This dubious accolade was earned under a previous or previous administrations i.e. 2012.

Well let's see if anyone can or will actually recall who or what political clique was in power then.

They'll get there fill, just like PTP did before them, democrats before them, TRT before them and so on and so on. We can go back decades from civilian to military governments and find everyone up to their necks in it.

Edited December 16, 201411 yr by lildragon

Now I know why there are so many brand new Mercs and BMW on the highways lately

No, the idea is that money is GOING OUT of the nations, now staying in to buy cars. That wealth is a different subject.

It appears that vastly wealthy Thai are trying to get out of the THB as fast as they can.

Thailand accounts for THB1.17 trillion, and that’s only from the police tea money fund imagine if all the MP’s were included in this corruption and money laundering figure.

What ! they are sending it out by the container load,is that

what the picture implies .

regards Worgeordie

Aye, tho those containers are full of 100$ bills, not THB.

Heading straight for Dubai

It's the last payment for the rice supplies: one simply cannot eat caviar and lobster every days, need to have some rice too...

Edited December 16, 201411 yr by CantSpell

"Gee.... if the money is leaving these developing and emerging countries, where is it going?"---empireboy

A little of it may just have ended up here----- wish I had a sister like that.......................

---------------------------------

....but he (Taksin) told us he’s had $1 billion of the funds seized by a succeeding government returned to him. Thaksin also said that since soon after Yingluck took power in 2011, his Thai passport was restored and he has been able to travel widely on it.

Forbs magazine

http://www.forbes.com/sites/timferguson/2012/10/29/thaksin-in-exile-advising-sister-digging-for-gold/

Don't blame this current administration this dubious accolade.

This dubious accolade was earned under a previous or previous administrations i.e. 2012.

Well let's see if anyone can or will actually recall who or what political clique was in power then.

Hardly think you can just blame the PTP administration for these outflows.....it's been happening for decades and it's not solely Thai governments.....it'll probably continue for years to come.........

Edited December 16, 201411 yr by ChrisY1

These countries on this list are the real terrorists. Taking that much out of their economies that should have been spent on social and humanitarian programs.

The UN should be mounting attacks on these countries. But use accountants and auditors to identify and prosecute the pr!cks.

Must be all the money I have been sending Noi/Tik/Gip over the years

Thailand accounts for THB1.17 trillion, and that’s only from the police tea money fund imagine if all the MP’s were included in this corruption and money laundering figure.

And in another story the NFI expects food exports from Thailand are expected to reach one trillion baht in the next year.

Me thinks the NFI are I the wrong business

Don't blame this current administration this dubious accolade.

This dubious accolade was earned under a previous or previous administrations i.e. 2012.

Well let's see if anyone can or will actually recall who or what political clique was in power then.

Research corruption. It goes many years back than I have gray hairs on my head. Wiki is a good start.

and still, farang needs all kind of legal papers & permission to send out a little bit of money outside of thailand...

but hey, what do you expect with generals / RTP that have millions / billions of assets

all on a governemental salary