MONEY LAUNDERING

Move To Pre-Empt Verdicts

Seize Assets First, Worry About It Later

The Money Laundering Commission will draft a new law allowing it to sell
seized assets and transfer profits to the state before court rulings.

Pol Lt-Gen Vassana Permlarp, commission secretary-general, said the bill
was needed to deal with property confiscated after one year, especially
cars with high maintenance costs. These cars could be auctioned off, he said.

Other assets such as land and houses could be subleased and the proceeds
given to the state.

The first round of the draft bill was discussed yesterday by the commission.

"We do not want to carry the burden of maintaining seized assets any longer
and want the government to agree to our initiative," Pol Lt-Gen Vassana said.

The anti-money laundering law requires the commission to keep seized assets
for 90 days after seizure, pending further investigation, in case there
were more illegal assets involved.

After that the commission must immediately forward the case to the court
for a final ruling.

Pol Lt-Gen Vassana said the money would be paid back to the owners of
seized assets if the court dismissed their cases. The panel did not discuss
how the money would be paid back.

The drafting panel also discussed corruption among commission officers
assigned to supervise the income generated from seized assets.

Strict measures would be enforced and a screening process set up before
officers were selected, he said.

Meanwhile, the commission was monitoring the activities and bank
transactions of about 100 people believed to be involved in drug trafficking.

Pol Lt-Gen Vassana said he was gathering information and keeping a close
watch on the suspects. Most of those on the watchlist ran businesses as a
front for drug activities. Some were national-level businessmen.

"We are confident that more assets of these people will be seized in the
near future," he said.

Assets worth five million baht were also seized on Tuesday from a drug
trafficker in Ayutthaya.