Study of Special Asset Management Companies (Sociedad de Activos Especiales) in Colombia: Lessons and Best Practices in Managing Assets Seized in Money Laundering Cases in Thailand

Abstract

This research aims to 1) analyze the limitations and problems of managing seized assets in money laundering cases in Thailand today; 2) study the structure and success mechanisms of the Special Asset Management Company (SAE) model in Colombia; and 3) suggest policy reform guidelines and legal recommendations for applying the SAE model in the Thai context. The research is qualitative, focusing on documentary research and comparative legal studies. Data was collected from laws, court judgments, and reports from international organizations such as UNODC and FATF. The data was then subjected to content analysis using legal interpretation and comparative analysis, combined with the concepts of new public sector management and the rule of law

The research findings indicate that Thailand faces bottlenecks in the post-seizure process due to lengthy judicial processes leading to asset devaluation, and the Anti-Money Laundering Office (AMLO) lacks an organizational structure with commercial expertise, resulting in a significant budgetary burden on the state for asset management. In contrast, Colombia has successfully addressed these issues through its SAE model, a semi-private state enterprise driven by civil and commercial law, possessing high flexibility and a key mechanism: a pre-sale of depreciated assets. Commercial asset management through outsourcing and income allocation through the FRISCO fund to support the justice system and land reform for social benefit – This study therefore suggests that Thailand reform its anti-money laundering legal structure by enacting legislation to establish a central agency with a semi-private entity structure to proactively manage assets and implement forward asset sales measures to reduce the fiscal burden and transform criminal capital into tangible benefits for society