GREY CAPITAL IN THE SHADOWS: A STUDY OF THE DYNAMICS OF TRANSNATIONAL ORGANIZED CRIME INVOLVING GREY CHINESE CAPITAL IN THE CONTEXT OF THAI SOCIETY

Abstract

This research aimed to 1) examine the dynamics and patterns of crime committed by grey Chinese capital groups in Thailand, 2) investigate the causes of such crime, and 3) propose approaches to addressing crime committed by grey Chinese capital groups in Thailand. This study employed a qualitative research design. Data were collected through documentary research and in-depth interviews with 16 key informants, including police officers, immigration police officers, border patrol police officers, officials from the Anti-Money Laundering Office, officials from the Department of Provincial Administration, interpreters and translators of legal transaction documents, and Chinese shop operators in the study areas. The data were analyzed using content analysis.

The findings revealed that 1) grey Chinese capital groups in Thailand operated as complex and highly adaptive transnational organized crime networks, using legal businesses, nominee shareholders, mule accounts, digital financial systems, and border areas as mechanisms to conceal, transfer, and launder illicit proceeds; 2) the major causes of such crime included legal loopholes, insufficient foreign capital regulation, fragmented state agency operations, technological advancement, and patronage relationships at the local level; and 3) effective solutions should rely on systemic measures, including integrated state databases, verification of beneficial ownership, regulation of financial transactions and digital assets, immigration risk screening, and strengthened international cooperation.