Indonesia, Thailand step up efforts to trace, recover scam proceeds
As of the end of September, the Indonesia Anti-Scam Centre (IASC) had received around 702,000 reports of financial transaction scams, identified more than 1.37 million related accounts and frozen approximately 703,000 accounts.
Indonesia has frozen around 703,000 bank accounts linked to financial scams and recovered more than 207 billion IDR (11.4 million USD) for victims, while Thailand is moving to seize assets worth over 1 billion USD from a group accused of laundering proceeds from scam networks in Southeast Asia.
Data from Indonesia’s Financial Services Authority (OJK) showed that as of the end of September, the Indonesia Anti-Scam Centre (IASC) had received around 702,000 reports of financial transaction scams, identified more than 1.37 million related accounts and frozen approximately 703,000 accounts.
OJK is continuing to crack down on illegal financial activities, including unlicensed online lending, unlawful investment schemes and identity fraud. It has urged the public to remain vigilant against investment offers promising unusually high returns and requests for money transfers from unidentified individuals.
In Thailand, police said on October 28 that a criminal court had issued arrest warrants for seven people accused of organising money laundering. They include South African businessman Ben Smith, his Thai wife Cattaliya Beevor and Cambodian businessman Yim Leak, the France-based AFP news agency reported.
Investigators allege that the group transferred proceeds from criminal activities through overseas financial institutions before using the money to purchase shares on Thailand’s stock market.
Thailand’s Anti-Money Laundering Office (AMLO) said it will seize shares worth more than 14 billion THB, along with real estate, cash and vehicles valued at a combined 35 billion THB (1.03 billion USD). The seized assets are intended to compensate victims of online scams.
Some of the shares targeted for seizure belong to major Thai companies, which have stated that their business operations remain unaffected.
Thai authorities said the action follows previous asset seizures, including a decision in February to confiscate assets worth more than 410 million USD linked to Smith and individuals accused of fraud./.
