Amlo confiscates B25bn in property

The Anti-Money Laundering Office (Amlo) is seizing 3,600 property assets worth a combined 25 billion baht, with some properties set to be transferred to the Treasury Department.

Amlo and the department yesterday signed an agreement on regulations and the transfer process to deliver properties seized by Amlo to be under state ownership, said Pol Maj Gen Preecha Chareonsahayanon, acting secretary-general of Amlo.

The properties were seized after being used in crimes and other legal violations.

The regulations include requiring a court to order a property to be put under state ownership, after which Amlo will proceed with transferring the property to the Treasury Department.

If a court rules a property to be put under state ownership when the legal case involving the property has not concluded, Amlo will keep and manage the property in accordance with regulations related to asset management protocols.

The move is an attempt to clearly and quickly transfer seized properties to the Treasury Department, said Pol Maj Gen Preecha.

Some seized properties, however, may have to be returned to victims involved in particular cases, he said.

Once the Treasury Department receives transferred properties, they will be used as housing for state officials or offices, but certain properties will be leased to the general public and the private sector in order to generate benefits, said Amnuay Preemonwong, director-general of the Treasury Department.

Some properties, such as condominiums, might be sold if they are not suitable for rent, Mr Amnuay said.

Since the founding of Amlo in 1999, the organisation has confiscated and transferred seized assets to the Finance Ministry worth more than 1.9 billion baht.

Amlo has transferred 167 seized properties worth a combined 1 billion baht to the Finance Ministry, such as 1,247 rai in Sadao district of Songkhla, a property that the Treasury Department has developed into the Songkhla Special Economic Development Zone.