Suspects in cases involving defrauding of the public are increasingly converting illicit gains into high-value items, like designer handbags and rare Buddhist amulets, to obscure the origins of their wealth, according to the Anti-Money Laundering Office (AMLO).
Witthayaporn Chantawas, a financial investigation expert and deputy spokesman for AMLO, revealed that fraudsters routinely target luxury collectibles because they lack fixed market prices.
“Prices for limited-edition or rare items depend largely on buyer-seller agreement… Offenders frequently pay in cash to avoid credit card records and financial transaction traces,” Witthayaporn said.
He noted that money launderers are often unconcerned with profits or losses from reselling these goods because their primary objective is injecting dirty money into regular commercial channels to make it appear legitimately earned.
He warned, however, that attempts to hide transaction trails, whether by using cash or relying on nominees, will not shield offenders from law enforcement because investigators employ rigorous tracking techniques, particularly for authentic luxury handbags, which feature serial numbers and certificates of authenticity that allow origin verification.
Officials also examine the economic status of possessors against the value of their assets, inspect booking and transaction timelines with industry experts and check background criminal records.
Addressing the recent case involving police seizures of designer bags from celebrity Panadda Wongphudee, where authorities are currently verifying whether the items are genuine or counterfeit, Witthayaporn explained that transaction histories of authentic bags will be scrutinised. Establishing a history of dealing in genuine luxury goods helps investigators determine the intent behind storing dozens of imitation items at home.
Regarding asset management, he explained that authentic brand-name bags seized and frozen by AMLO can be put up for public auction. Counterfeit goods, on the other hand, will be handed back to police investigators for disposal or destruction as illegal property.
