MP Rangsiman Rome warns: grey money network tied to top politicians is trying to “take over” Thailand

Rangsiman Rome, a party list MP for the People’s Party and chair of the Parliamentary Committee on State Security, Thai Border Affairs, Strategy and National Reform, said on Friday that the grey business network is highly complex, systematically involved in money laundering and linked to high level politicians in both Thailand and Cambodia.

Rangsiman said the scammer problem has evolved into a large money laundering network that current laws and state tools struggle to dismantle. Illicit proceeds from scammers are being channelled into neighbouring countries and laundered through infrastructure businesses before attempts are made to reintroduce so called “grey money” into Thailand to seize control of key national assets. These include companies connected to the Securities and Exchange Commission and energy firms, often by hiding the true beneficiaries’ identities.

He named the Huione Group as an example, saying it is believed to be connected to the Hun family and is being monitored by US agencies for potential money laundering. He suggested that the real volume of funds moving through these channels could be as high as 3.3 trillion baht — only a portion of an expanding laundering empire now reaching into Thailand.

If successful, Rangsiman warned, Thailand could become a “money printing machine” for grey capital, and honest livelihoods would be at risk as international anti money laundering measures bite and clamp down.

He set out three main recommendations for the government and relevant agencies:

1. Investigate biometric data collection networks. Authorities should probe firms holding biometric data — such as iris scans — on an estimated one to two million people. Such data could be abused to fabricate cyber identities and facilitate illegal transactions. He urged the SEC, the Personal Data Protection Commission (PDPC) and the cyber police to coordinate a joint response.

2. Investigate scam networks with international partners. Rangsiman called for deeper cooperation with the US Department of Homeland Security and FinCEN, and engagement with the Monetary Authority of Singapore (MAS) to scrutinise six or seven companies/funds in Singapore suspected of helping scammers conceal identities and launder money via cryptocurrencies.

3. Accelerate anti money laundering measures for digital assets and capital markets. He urged the SEC to enforce the “Travel Rule” as soon as possible without waiting for amendments to the Anti Money Laundering Act. He also asked the Bank of Thailand to examine bank accounts linked to Ly Yong Phat, a Cambodian senator with Thai nationality, following leads that suggest he holds substantial assets in Thailand.

Rangsiman added that if this government truly stands for the rule of law, immediate fixes are required. He warned that using legal mechanisms to silence critics or stifle inquiries would violate the rule of law commitments the government itself has proclaimed. He called on the prime minister to speak out decisively, declare a firm stance against transnational criminal networks and make clear that grey capital will not be allowed to take over Thailand.