Thailand investigates 16 people on Panama Papers list

[webfact]

Thailand investigates 16 people on Panama Papers list
BY AMY SAWITTA LEFEVRE

BANGKOK: -- Thailand is investigating 16 people, including current and former politicians and well-known business people, whose names appeared in the "Panama Papers", a top official at the country's Anti Money Laundering Office (AMLO) said on Friday.

The individuals are among scores of politicians and business figures worldwide who feature in the massive document leak from Panamanian law firm Mossack Fonseca, which specializes in establishing offshore companies.

Full story: http://www.reuters.com/article/us-panama-tax-thailand-idUSKCN0X50AQ

-- Reuters 2016-04-08

[webfact]

AMLO says only 16 Thai nationals registered business offshore



BANGKOK: -- The Anti Money Laundering Office (AMLO) today revealed only 16 Thai nationals have been using offshore tax havens but it is still too early to say if they have breached the Thai laws.

At the press conference this morning held to clarify its role after the unprecedented leak of 11.5 million files in the “Panama Papers” from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca, in which 21 Thai business celebrities are among several leading politicians around the world with links to secretive companies in offshore tax havens.

AMLO advisor Pol Col Sihanart Prayoonrat admitted that after the Panama Papers leakage and many Thai names appeared among the list, a clandestine investigation has been conducted and more information has been sought with the Panama’s money laundering office.

He said they have sent information to Thai AMLO with same information appeared in the papers of the International Consortium of Investigative Journalists (ICIJ).

He said as far as the AMLO has analyzed the information in the Panama Papers, it remained uncertain of its accountability as many Thai names were repeated.

Panama money laundering Authority also could not verify these information, he said.

Of the earlier 21 names of Thai nationals, he said now AMLO has screened to only 16.

This indicated the accountability of the leaked documents in the Panama Papers, he said.

These 16 people have registered their business offshore either they be owners, beneficial owners, shareholders, or directors, he said.

They registered in several countries, he said.

But he assured that it was too early to say exactly that the 16 individuals have done anything wrong.

It depended on further investigation and more information would be required from countries where their businesses were registered.

He added that AMLO is dealing only with money laundering while tax evasion is not under its jurisdiction to investigate.

However if investigation found any money laundering engaged tax avoidance, then more government agencies will be required to jointly investigate, he added.

The massive leaked records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with ICIJ which then shared them with a large network of international partners, including the Guardian and the BBC.

The documents show the myriad ways in which the rich can exploit secretive offshore tax regimes. Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax havens.

Source: http://englishnews.thaipbs.or.th/content/158774

-- Thai PBS 2016-04-08

[macksview]

i can imagine the investigation.

investigar 'khun .... about this unseemly report'

khun.... 'how is you request for the membership of our little sports club progressing?'

investigator 'maybe my 4 yr grandson will be accepted'

khun.... 'nooo that is unfair, see what i can do for your 35 yr son, bye bye'

can not blame thailand, lots of big decisions happen in the 'right' sort of club in australia.

[mtls2005]

Those affiliated with the red-side will be prosecuted to the full extent of the law.

The elites involved will sue for defamation.

[2fishin2]

Those affiliated with the red-side will be prosecuted to the full extent of the law.

The elites involved will sue for defamation.

Sad to say, this will be the truth

[Moonmoon]

Those affiliated with the red-side will be prosecuted to the full extent of the law.

The elites involved will sue for defamation.

Sad to say, this will be the truth

it is already the truth.

[2fishin2]

Just waiting for the but, but Thakasin and Junta boys to come out and try to spin this also. They will say the list is flawed because Thakasin isnt on it.

[halloween]

Just waiting for the but, but Thakasin and Junta boys to come out and try to spin this also. They will say the list is flawed because Thakasin isnt on it.

And of course, you assume he isn't. But why would you need an off-shore company to dodge tax when you can simply change the tax laws to suit yourself?

[kimamey]

Just waiting for the but, but Thakasin and Junta boys to come out and try to spin this also. They will say the list is flawed because Thakasin isnt on it.

This isn't the only company dealing in this sort of thing so he could be using another firm.

It could also be that since he's unable to be resident in Thailand his companies are openly registered elsewhere and he not liable for tax in Thailand anyway.

I don't know but it's a possibility

[kimamey]

Too many fingers in pies for it to go anywhere......

In most cases there nothing illegal being done in relation to the rules even in western countries so it's even less likely here. The main problem seems to be appearances. The Chinese government are censoring the reports not because the relatives of the political elite have done anything against the law. That may be why it's only relatives not the politicians themselves. They probably get their share later. What they don't want is unrest in the country if their people find out that whilst they want citizens to put the good of the country above that of themselves or their relatives they aren't doing the same.

In the UK it's partly because David Cameron criticised the comedian Jimmy Carr for investing in a legal scheme that reduced his tax on the ground that it was immoral but seems to have forgotten that his father's actions appear to have had similar goals. At the time he also refused to condemn the Conservative supporter Gary Barlow who did the same.

In some countries politicians have to resign for things like this. I don't think it's the same in Thailand. There aren't any serving politicians anyway.

[Ricardo]

Just waiting for the but, but Thakasin and Junta boys to come out and try to spin this also. They will say the list is flawed because Thakasin isnt on it.

A fuller list won't be available until early next month, so who can say about that, but I saw a list yesterday dated 2013, which had a Mrs P S on it.

Obviously in error.

[lkv]

Just waiting for the but, but Thakasin and Junta boys to come out and try to spin this also. They will say the list is flawed because Thakasin isnt on it.

A fuller list won't be available until early next month, so who can say about that, but I saw a list yesterday dated 2013, which had a Mrs P S on it.

Obviously in error.

No, that's not in error. That case has been publicized in the Thai media already back in 2013. Company was formed in 2007, got struck off in 2008 for not paying the annual renewal fee, a more common option people choose over liquidation.

[2fishin2]

Just waiting for the but, but Thakasin and Junta boys to come out and try to spin this also. They will say the list is flawed because Thakasin isnt on it.

And of course, you assume he isn't. But why would you need an off-shore company to dodge tax when you can simply change the tax laws to suit yourself?

Didnt take long did it?

[eggers]

Just waiting for the but, but Thakasin and Junta boys to come out and try to spin this also. They will say the list is flawed because Thakasin isnt on it.

And of course, you assume he isn't. But why would you need an off-shore company to dodge tax when you can simply change the tax laws to suit yourself?

If the "Puppeteer" has been free to roam the world for almost 10 years, despite being a convicted fugitive & no arrest warrant executed or extradition sought by any Thai Gov'ts in that time, then, even if he's named, so what ?? Makes complete farce of Thai justice.

[Basil B]

Just waiting for the but, but Thakasin and Junta boys to come out and try to spin this also. They will say the list is flawed because Thakasin isnt on it.

And of course, you assume he isn't. But why would you need an off-shore company to dodge tax when you can simply change the tax laws to suit yourself?

It was not just dodging tax...

Moving illicit money to hid in offshore accounts with no paper trail.

Thailand the hub of corruption... with many politicians and government employees with a standard of living well a above that of their legitimate earnings.

[elgordo38]

Just waiting for the but, but Thakasin and Junta boys to come out and try to spin this also. They will say the list is flawed because Thakasin isnt on it.

This isn't the only company dealing in this sort of thing so he could be using another firm.

It could also be that since he's unable to be resident in Thailand his companies are openly registered elsewhere and he not liable for tax in Thailand anyway.

I don't know but it's a possibility

Enough to make one blush in wonderment. As you state this is the revelations of only one firm with more to come in May from what I understand. Can you imagine how many other firms are involved in this lucrative business it truly boggles the mind. We are surrounded by crooks governed by crooks. If I win the lottery I will be looking for one of these firms any recommendations??

[ratcatcher]

Just waiting for the but, but Thakasin and Junta boys to come out and try to spin this also. They will say the list is flawed because Thakasin isnt on it.

And of course, you assume he isn't. But why would you need an off-shore company to dodge tax when you can simply change the tax laws to suit yourself?

Didnt take long did it?

Didn't take long "cos you were just fishin' and you got a bite. Bait must be good.

[NickJ]

There are about 780 Thai companies listed with the leak........

[SOUTHERNSTAR]

Just waiting for the but, but Thakasin and Junta boys to come out and try to spin this also. They will say the list is flawed because Thakasin isnt on it.

And of course, you assume he isn't. But why would you need an off-shore company to dodge tax when you can simply change the tax laws to suit yourself?

You mean like others change the constitution when they cant win elections ?

[lkv]

There are about 780 Thai companies listed with the leak........

That's in the old leaks from 2013. The new leaks (Panama papers) are about 963 companies, 21 clients, 40 beneficiaries, 757 shareholders.

Slightly different numbers than the dear Thai officials are suggesting with 16 out of 21.

Note that 21 clients does not necessarily translate into 21 individuals, we could be talking about companies within companies. 40 beneficiaries could also contain other companies. Same for the shareholders.

This could be (and it is an assumption at this stage) a network of key individual or corporate directors managing companies that include various shareholders from public institutions that like tea.

Edited April 8, 2016 by lkv

[noosard]

Tip of the iceberg

This is only one company that hides the wealth

How many more tax haven, wealth hiding places are there for the so called elite

Edited April 8, 2016 by noosard

[Ricardo]

There are about 780 Thai companies listed with the leak........

Yet the AMLO are currently only looking at some sixteen, out of the 780 "Officers & Master Clients".

The list makes interesting reading.

Edit to add ... apologies to ldk , I posted before seeing his more-detailed post & details, above.

Edited April 8, 2016 by Ricardo

[lkv]

There are about 780 Thai companies listed with the leak........

Yet the AMLO are currently only looking at some sixteen, out of the 780 "Officers & Master Clients".

The list makes interesting reading.

You're mixing things up again. The 780 "Officers & Master Clients" belongs to the old 2013 leaks already published at offshoreleaks.icij.org

There is no public information available yet on the new leaks concerning Thailand, apart from the previous screenshot taken from an interactive map published by Irish Times if I'm not mistaken.

[bobmac10]

Of course, if you're a high ranking officer in the military, there's one sure fire way to make a zillion.......

[lkv]

The shareholding structure is something they will never pursue. It could involve them as well.

I would have to recheck the old leaks, but as I was browsing them I bumped into a company with a rather "strange" shareholding structure.

Something like:

Shareholder one: president of bank

Shareholder two: key figure stock exchange

Shareholder three: some army guy.

But it has no relevance, if anything strange was there, surely action would have been taken since 2013.

Edited April 8, 2016 by lkv

[SOTIRIOS]

...please do not reveal the names whatever you do....

[cumgranosalum]

interesting to see who is prosecuted most zealously...those with Red Bowls or those from the Song Khran Depreciation Society

[lkv]

...please do not reveal the names whatever you do....

I won't, I am not even saying actually that any laws have been broken, people are free to associate themselves when conducting business with anyone.

It's not Putin's fault at the end of the day that his best friend conducts business offshore

[aslimversgwm]

Just waiting for the but, but Thakasin and Junta boys to come out and try to spin this also. They will say the list is flawed because Thakasin isnt on it.

And of course, you assume he isn't. But why would you need an off-shore company to dodge tax when you can simply change the tax laws to suit yourself?

You mean like others change the constitution when they cant win elections ?

Spot on! I like it - very much!!

[lkv]

interesting to see who is prosecuted most zealously...those with Red Bowls or those from the Song Khran Depreciation Society

Well, if it implicates Red Bowl, it will be all over the news, if it implicates the other side the IT department will have lots of work with the Great Firewall of Thailand. Or it could implicate both sides, since none are saints.

It really is a lottery. Who was unlucky to be a client of Mossack Fonseca.