Arkhom Tells SEC To Work On Fixing Legal Loopholes, Prevent Forex Scams

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https://www.nationthailand.com/thailand/general/40020217

Arkhom tells SEC to work on fixing legal loopholes, prevent forex scams

Arkhom Tells SEC To Work On Fixing Legal Loopholes, Prevent Forex Scams

MONDAY, SEPTEMBER 19, 2022

THE NATION

Finance Minister Arkhom Termpittayapaisith Said On Monday That He Had Instructed The Securities And Exchange Commission (SEC) To Work With The Bank Of Thailand (BOT) To Tackle Legal Loopholes So That Investors Will Not Fall Prey To Forex Scams.

Arkhom assured that he was not ignoring the plight of the victims of the Forex-3D online Ponzi fraud. He said he has instructed the SEC to coordinate with the BOT on the issue.

He said the two agencies were taking action in line with their respective jurisdictions.

Arkhom added that the central bank had also made moves to warn the public against being lured by forex scams.

Some 9,000 complaints have been registered so far with the Department of Special Investigation, regarding losses of about 2 billion baht after investing in the Forex-3D scheme.

On Monday, the SEC explained that it has no authority to supervise foreign currency exchange as the power belongs to the central bank.

“The law has some loopholes. It’s wrong to trade foreign currencies without a licence. Foreign currency traders must receive a licence signed by the finance minister,” Arkhom said.

“The central bank must nominate the names of licensees for the finance minister to approve.”

He said Forex-3D had not received any licence to trade in foreign currencies, however some legal loopholes are preventing the SEC from taking action.

“So, I have instructed the SEC to consult with the BOT to find out which points are not covered by the law so that the law can be amended accordingly and give the SEC supervisory powers.”

He said the legal amendments might allow the SEC to supervise foreign currency trading by non-banks.

“We’re now making preparations to amend the concerned law,” Arkhom added.

THE NATION

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