Bangkok: In response to the ongoing financial damage caused by pyramid schemes, the Thai Senate has recommended that the government issue an emergency decree to effectively address and mitigate the issue. The suggestion came amidst discussions about the outdated laws that have allowed such schemes to flourish, exploiting the economic vulnerabilities of society.
According to Thai News Agency, Senator Lt. Cdr. Wuttipong Phongsuwan emphasized the significant economic impact of pyramid schemes like the Mae Chamoi, Sema Fa Kham, and the recent Icon Group scheme. He highlighted the inadequacy of current laws to tackle the modern adaptations of these schemes, which now extensively use online platforms and cryptocurrencies. Lt. Cdr. Wuttipong urged the government to either issue a royal decree urgently or amend the laws to prevent further victimization and ensure rigorous enforcement.
Deputy Minister of Finance, Mr. Chulaphan Amornvivat, indicated that the Prime Minister has prioritized this issue, leading to swift
actions including arrests and asset seizures by the Royal Thai Police, in collaboration with various ministries including Justice, Consumer Protection, and Finance. Mr. Chulaphan outlined that several laws such as the Direct Sales and Direct Marketing Act of 2002 and the Anti-Money Laundering Act of 1999, are under review for amendments to close existing loopholes and introduce stricter penalties.
Further discussions have highlighted the need for comprehensive legal reforms, particularly of the 1984 Fraudulent Borrowing of Money Act, to enhance the legal framework and extend the statute of limitations for such crimes. Mr. Chulaphan also mentioned plans to streamline the bankruptcy filing process and empower the Royal Thai Police to handle these filings directly, enhancing the efficiency of legal proceedings against fraudulent schemes.
The Senate’s call for an emergency decree reflects an urgent need to address the sophisticated nature of contemporary pyramid schemes and protect the economic interests of Tha
i citizens. The government’s commitment to legal reform and enforcement was reaffirmed, with assurances of thorough investigations and prosecutions to bring all perpetrators to justice.