NACC Thailand: Thailand's National Anti-Corruption Commission issues guidelines to tackle corruption aiming to promote more foreign investors' confidence

EQS Newswire / 08/04/2024 / 10:00 CET/CEST

BANGKOK, THAILAND - Media OutReach Newswire - 8 April 2024 - The National Anti-Corruption Commission (NACC), Thailand has issued formal guidelines to both local and international investors regarding the practice of preventing and suppressing corruption in doing business and among government officials with an objective to reduce corruption in the country.

Also, the move is aimed to increase foreign investors' confidence so that they will continue to invest in the country. NACC pointed out that corruption has been long major problem that hampered social development and impacted many countries' development in all aspects. Overall, many countries have failed to fight against corruption, with up to 95% of countries making no progress in tackling corruption since 2017. The conflict in each country creates more chances for corruption. The country without peace has also created more chances for corruption, according to the NACC, Thailand.

The NACC's Secretary-General, Mr. Niwatchai Kasemmongkol, revealed that according to the NACC's survey on the perception of investment fraudulence in Thailand among Thai and foreign investors, the survey found that the overall perception of investment fraud in Thailand in 2023 was moderate. The perception of corruption in government agencies providing investment services in Thailand was also at the moderate stage. This reflects that Thailand still has room to improve its anti-corruption endeavor so that more foreign investors will come into the country.

The survey shows that both Thai and foreign investors are aware of efforts to improve the investment service processes of government agencies. Thus, to promote more foreign investors' confidence, the NACC recently issued eight guidelines for both local and international investors' practices against corruption, he explained.

Those eight guidelines to prevent and combat corruption are: 1. Advocate for the public sector and civil society to participate in the prevention and suppression of corruption. 2. Use social sanctions 3. Use IT systems to control and audit the investment application system/reduce the use of discretion. 4. Disclose operational procedures transparently and clearly. 5. Study, review/update laws related to corruption. 6. Strengthening and morality of public officials7. Publicize government information on anti-corruption through online media 8. Educate the youth about the worst of corruption, and promote anti-corruption values.

Additionally, according to a survey by the NACC, Thai and foreign investors foresee that the highest risk for doing business that could lead to corruption is 'delays in providing services' by civil servants. Officials could demand money or other items or other kinds of benefits in exchange for faster service. This is a channel of corruption due to investors generally requiring speed in dealing with government agencies. Most are willing to pay in exchange for saving their time.

In Thailand, the main causes of corruption are the investment application system that has a lot of documents, needs to contact many agencies, and time consumption, while the information linking system of government agencies is not so effective. The controlling and inspection system is not able to cover the entire system, while some government officials, who provide services, lack morality and integrity in work, and there is a foster system in some agencies.

NACC's secretary-general added that one of the most efficient ways to prevent corruption is the adoption of information technology systems in the business approval process. This will reduce conflict of interest, while will also help facilitate an application for various licenses with transparency.

In addition, the implementation of the Integrity and Transparency Assessment (ITA) system, assessing the integrity and transparency of government agencies' operations is also used as a positive assessment tool as a measure to prevent corruption and as a mechanism to raise awareness for government agencies to operate transparently and with integrity.

In terms of private business, the NACC has encouraged the private sector to become the Thai Private Sector Collective Action Against Corruption (CAC) and participate in monitoring the performance of the public sector.

*This press release translation is funded by the National Anti-Corruption Fund (NACF).

Hashtag: IntegrityWay AntiCorruption ZeroCorruption NACC NACF

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National Anti-Corruption Commission (NACC), Thailand

The National Anti-Corruption Commission (NACC) is a constitutional independent organization and supervised by nine commissioners selected from various professions. It is authorised to undertake work on the prevention and suppression of malfeasance, particularly in government agencies, on assets investigations, as well as on the monitoring of ethics and virtues of political position holders.

It has the authority to file charges in court as well as support and build up awareness of the penalties for committing corruption. The NACC is supervised by the NACC Board and has the Office of the NACC as its administrative agency.

Since 1997, Thai Courts have ruled against and punished politicians, former ministers, high-ranking government officials as well as executives of the private sector in the thousands of cases submitted by the NACC.

News Source: NACC Thailand

08/04/2024 Dissemination of a Financial Press Release, transmitted by EQS News.
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