Exposing Grey Capital! Rangsiman Warns Inaction Could Turn Thailand into a Haven for Money Launderer

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On October 10, 2025, Rangsiman Rome, list MP and deputy leader of the People’s Party, in his capacity as chairman of the Parliamentary Committee on National Security and Border Affairs, announced a roadmap to monitor and expose grey capital networks expanding their influence in Thailand. He highlighted the growing complexity of scam operations and money-laundering syndicates, which exploit financial technologies beyond the reach of existing laws, including mule accounts, cryptocurrencies, and private wallets that are difficult to trace.

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Rangsiman warned that grey and black money is being funneled into key national infrastructures, such as companies regulated by the Securities and Exchange Commission (SEC) and energy firms, often by concealing real beneficiaries through overseas entities, particularly in Singapore. If left unchecked, these companies could become “money-making machines” for illicit financiers and risk turning Thailand into a global money-laundering hub. He cited the case of Huione, linked to the Hun family and under scrutiny by the U.S. Financial Crimes Enforcement Network (FinCEN), with estimated financial flows of up to 3.3 trillion baht, equivalent to Thailand’s annual national budget.

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The People’s Party proposed three key measures start with scrutiny of biometric data collection schemes. The committee will investigate companies and networks that have collected iris scans from 1–2 million Thai citizens, allegedly for future identity verification, in exchange for annual compensation of around 2,000 baht. Concerns were raised that citizens may not understand the risks, as biometric data could be misused for online identity fraud and potentially violate Thailand’s Personal Data Protection Act (PDPA). The network has links to Cambodian financiers, including Yim Leak, and the committee has called on the SEC, the Personal Data Protection Committee, and the Cyber Police to act proactively.

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Then, probing international scam and laundering networks. The committee will investigate money-laundering activities tied to Yim Leak and Ben Smith (Benjamin Mauerberger), both of whom are under investigation by U.S. authorities including the Department of Homeland Security (DHS) and FinCEN. Strengthening cooperation with the U.S. could aid in expanding investigations into call-center scams. Authorities have also detected 6-7 funds in Singapore that obscure beneficiary identities and facilitate investments in key Thai companies. The SEC has been urged to coordinate closely with Singapore’s Monetary Authority (MAS).

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Lastly, strengthening anti-money laundering through digital assets. Rangsiman called for the immediate enforcement of the Travel Rule on cryptocurrency transactions through ministerial regulations, without waiting for amendments to the Anti-Money Laundering Act. He also urged the Bank of Thailand to examine the financial assets of Riyongpat, a Thai-born Cambodian senator with close ties to Hun Sen, with the possibility of asset seizures. The plan also includes creating an effective, secure whistleblower system and ratifying international conventions such as UNCC 2024 and the Budapest Convention on Cybercrime and Money Laundering.

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