Bangkok: Professor Songrit Phonngern has highlighted the sophisticated tactics of transnational fraudsters who utilize dummy accounts and a network of intermediaries to launder money across borders.
According to Thai News Agency, Professor Songrit, an expert on the Mekong River Basin countries, discussed the activities of these scammers during his appearance on the "Good Morning ASEAN" program on MCOT News FM 100.5. He revealed that the criminals have modified their money laundering strategies to avoid detection by authorities, heavily relying on "dummy accounts" and "ant armies" to transfer money internationally.
The scammers have been hiring individuals to open bank accounts and acquire ATM cards for around 2,000 baht per account. These accounts serve as channels to receive fraudulently obtained funds. Once the money is deposited, a network quickly withdraws it from ATMs, especially in border areas like Mae Sot District in Tak Province, to prevent officials from freezing the funds. The cash is then either smuggled across the border to Myawaddy or converted into other investments.
Moreover, these money laundering operations involve front businesses and nominee companies in Thailand and neighboring countries. They conduct fraudulent transactions by ordering overpriced or nonexistent goods, making illicit money appear legitimate and subject to taxes, thereby complicating detection efforts.
Regulations permitting the carrying of cash up to 2 million baht per person daily at border areas have become a significant loophole. Criminal organizations exploit this to smuggle money out of the country. The expansion of these networks is further facilitated by lenient banking systems in some neighboring countries.
In response, banks in Thailand have started implementing measures such as facial recognition for money transfer transactions and the use of OTP or QR codes for deposits at modern ATMs. There are also proposals for government and agencies to adopt AI technology to monitor suspicious transactions, drawing inspiration from China's methods, especially during election periods.