Bangkok:The Democrat Party (DP) has moved forward with a resolution aimed at proposing a plan to Parliament to regulate foundations, targeting three major loopholes to ensure financial transparency and proper use of donations.
According to Thai News Agency, Mr. Pongsakorn Kwanmuang, spokesperson for the Democrat Party, announced that following a meeting with the party's Members of Parliament (MPs), it was resolved to appoint Mr. Korn Chatikavanij, deputy party leader, to draft a motion. This motion will be submitted to the House of Representatives to advocate for the regulation and oversight of various foundations in Thailand, emphasizing the need for transparent, verifiable accounts and preventative measures against asset or donation misappropriation.
Mr. Pongsakorn highlighted that many foundations currently suffer from inadequate auditing systems, leading to concerns over potential misuse of donated funds. An analysis identified three critical issues the lack of verifiable accounts, conflicts of interest arising from funds potentially benefiting relatives, and the misuse of donations intended for specific missions. To address these concerns, the proposed measures include requiring foundations to maintain separate accounts for each mission, facilitating public scrutiny of finances in real-time, and ensuring excess funds are repurposed with board approval as per regulations. The initiative aims to rebuild public trust and uphold foundations as transparent financial entities.