Thailand Links Financial Data to Combat International Scams

Deputy Prime Minister and Finance Minister Ekniti Nitithanpong revealed that the Connect the Dots working committee is tracking progress on a financial data-sharing system among relevant agencies to improve efficiency in handling transactions, money laundering, and underground money flows, while strengthening prevention against new financial crimes, particularly international scammer networks.

The committee will link agency data to enable efficient tracking, analysis, and use of financial information through cooperation among the Finance Ministry, Bank of Thailand (BOT), Securities and Exchange Commission (SEC), and Anti-Money Laundering Office (AMLO) to reduce regulatory gaps in the financial system.

"Originally we considered creating a Data Hub, but now we think a Data Exchange system—which establishes data-sharing protocols between agencies—may be faster and allow real-time financial data connectivity," Ekniti said.

The Finance Ministry prioritizes transparency and confidence in Thailand's capital market and will accelerate checks and repairs of system weaknesses to reassure investors and the public. The ministry will also investigate the Supapon Pimpongse case in detail with the SEC secretary, who attended the meeting, following Supapon's involvement in securities trading data for True Corporation worth over 300 million baht filed via SEC Form 246-2.

Ekniti stated that investigating this issue is crucial for building confidence in Thailand's capital market, which the Finance Ministry regards highly in advancing transparency and governance in the stock market system. The ministry has directed relevant agencies to urgently close any regulatory loopholes.

Additionally, the committee will discuss tax approaches for specific businesses, particularly tax collection on gold trading, which is under study and impact assessment.