Bangkok: The Senate Committee on Economic Affairs and Legal Affairs has raised concerns over the account freezing measures that are affecting innocent individuals and has proposed the establishment of a centralized system for screening and investigating suspicious accounts. This initiative aims to minimize damage to the economic system and bolster public confidence.
According to Thai News Agency, Mr. Palawat Tansiri, the spokesman for the House Committee on Economic, Financial, and Fiscal Affairs, highlighted the collaboration between the House Committee on Economic Affairs and the Senate Committee on Law and Justice in monitoring government measures to combat online threats. A particular focus has been placed on managing mule accounts, which significantly contribute to fraud and economic damage. Although he lauded the dedication of relevant agencies in addressing this issue, Mr. Palawat pointed out that the current measures, which permit the immediate freezing of funds in suspected mule accounts, are adversely affecting small and medium enterprises (SMEs) and individuals with complex financial transactions. This has resulted in operational challenges and financial difficulties for honest businesses.
Mr. Palawat emphasized that while the rapid freezing of accounts is intended to halt illegal activities, it often ensnares innocent parties unaware of their accounts being misused, causing severe disruptions in business operations and liquidity. The complicated procedures for recovering frozen accounts further exacerbate the situation, as they prevent immediate access to working capital and lead to business losses. The lack of clear enforcement criteria also causes inconsistencies in officials' discretion, leading to uncertainty and concern for businesses.
To address these issues, Mr. Pollawat has proposed a set of short-, medium-, and long-term strategies. In the short term, he advocates for the nationwide establishment of clear and standardized criteria for identifying mule accounts, moving beyond simplistic metrics like the number of accounts or frequency of transactions.
In the medium term, he suggests fostering public-private partnerships, with close cooperation with financial institutions and e-commerce platforms to share information and develop risk assessment systems for potential mule accounts from the outset. In the long term, he recommends creating a central platform for reporting and investigating mule accounts, establishing a comprehensive database of suspicious accounts, and devising a mechanism for affected individuals to file complaints and provide clarifications efficiently.