Thailand’s ‘grey money’ election: Parties fight to prevent state capture

Thai political parties have made “grey money” a core target in their election campaigns after revelations linked high-ranking government figures to a vast transnational money-laundering network.

“Grey finances” are dominating the campaign ahead of the February 8 poll amid widespread suspicion that money from online scams and illegal gambling has been used to buy seats in Parliament.

Analysts say numerous grey financiers have infiltrated Thai politics, seeing election contests and vote-buying as an investment to secure political power and legal protection.

Suspicions of widespread corruption in the halls of power emerged last September, when an investigation led by former Wall Street Journal reporters, Tom Wright and Bradley Hope, exposed links between Thai politicians and Benjamin Mauerberger, the alleged money-laundering mastermind behind multibillion-dollar scam and gambling operations in Southeast Asia.

Their exposé led to the resignation of Deputy Finance Minister Vorapak Tanyawong and a crackdown that seized over 10 billion baht (US$300 million) in assets from Mauerberger and his Thailand associates.

In December, the Parliament press corps responded by dubbing the House of Representatives a “grey grub nest”. Reporters alleged that the Lower House sheltered a bunch of “grey” MPs lacking integrity but rife with conflicts of interest.

Zero tolerance for ‘grey’

Political parties have reacted by highlighting grey money as the root cause of multiple problems threatening Thailand, including corruption, poor-quality lawmakers, and even renewed border conflict with Cambodia that led to deadly clashes in July and December.

Several parties have pledged to liberate Thai politics from the grip of grey financiers and the politicians and factions they control.

However, observers are sceptical this can be achieved, citing a widespread belief that most Thai political parties are financed by wealthy people with questionable business interests.

Spearheading the fight against grey money are the opposition-leading People’s Party and the Democrats, who have been rejuvenated by the return of former leader Abhisit Vejjajiva.

The People’s Party has adopted the campaign slogan, “We go with no grey”, while the Democrats are vowing “no tolerance for grey capital”.

Smaller outfits such as Rak Thai, Thai Sang Thai, and Economic Party have also joined the crusade.

Online scams and gambling have drained billions of baht from Thailand’s economy. Thai gamblers lose an estimated 150 billion baht annually to illegal websites.

Meanwhile online scams cost Thailand an estimated 110 billion baht in 2024 alone, according to the Global Anti-Scam Alliance. The Royal Thai Police's Anti-Cyber Scam Centre reported that scammers defrauded Thai victims of at least 21.3 billion baht in the first 10 months of 2025.

A clear announcement

At a recent campaign debate between party chiefs, Democrat leader Abhisit ruled out any possibility of a post-election alliance with the Kla Tham Party, a focus of grey-money allegations.

Other party leaders also pledged to boycott politicians linked to grey businesses, but refrained from naming names. “Everyone knows which parties they are, but we cannot say it openly,” said Economic Party leader General Rangsee Kitiyanasap.

“We cannot join a government with the Kla Tham Party – absolutely not,” Abhisit declared as he announced conditions for joining a post-election coalition government.

The former prime minister, in power from 2008 to 2011, stressed that the goal of February’s election must be to restore political integrity in the country.

Thammanat Prompao, widely regarded as Kla Tham’s de facto leader despite officially serving only as its chief adviser, hit back at Abhisit.

He said that premature political declarations often backfire and lead to broken promises that can force party leaders to step down.

The warning was likely a veiled reference to Abhisit’s resignation after the Democrats’ disastrous election performance in 2019, which was partly attributed to his campaign promise not to back coup leader General Prayut Chan-o-cha’s bid to return as prime minister.

Unlike Abhisit, People’s Party leader Natthaphong Ruengpanyawut declined to name specific parties allegedly funded with grey money, citing campaign restrictions under the election law.

Instead, he announced that his party would not accept any politicians or ministerial nominees linked to grey businesses, while warning that the most dangerous problem facing Thailand in the election is grey money dominating the political system.

However, a week later, Natthaphong ruled out any alliance with Kla Tham as he reaffirmed his party’s opposition to the ruling Bhumjaithai’s bid to return to power.

He called on voters to “choose politics that is free from grey networks or corruption” while promising to form a single-party government if the People’s Party managed to secure a landslide victory.

Spending for power

Observers and analysts inside and outside the political arena warn that “dirty money” from illicit businesses is being used to buy votes for seats in the House of Representatives.

Assoc Prof Jade Donavanik, a Rak Thai Party prime ministerial candidate, claims that the 10 billion baht seized from shady businessmen with political connections was just a fraction of laundered funds set aside to secure seats in Parliament at next month’s election.

“Intelligence I have received indicates that [the confiscated assets] make up only 10 per cent of the funds being prepared for the election. The total amount could be as high as 100 billion baht,” he said.

The academic-turned-politician warned that if they managed to gain political power through vote-buying, these people would shape government policies to serve their interests — such as legalising casinos and narcotics or forging deals with neighbouring countries to benefit their businesses.

Anti-corruption campaigners recently warned that large tranches of laundered money from “grey networks” involved in online scams or illegal gambling would be spent on buying votes at the upcoming election.

Mana Nimitmongkol, chairman of the Anti-Corruption Organisation of Thailand, said vote-buying on such a massive scale would place Thai politics firmly in the hands of “bad politicians, scammers, and grey people”.

Kriengkrai Thiennukul, chair of the Federation of Thai Industries, confirmed that “grey and black capital” were seeking to seize political power through the election. “If they control political parties and set national policies, Thailand will fall completely under their influence,” he warned.