No, it would be wrong to assume the decision by the anti-corruption Assets Examination Committee (AEC) to freeze Thaksin's assets was the last of his bad news.

Last Friday, the Foreign Ministry issued a warning to Thai nationals to be more cautious before moving large sums of money into the United Kingdom and the European Union.

The Foreign Ministry said a letter had been sent to the Bank of Thailand saying the UK had from the middle of this month begun enforcing a new law being applied to all European Union countries.

The law controls the inflow and outflow of foreign currencies.

Under the law, persons travelling in and out of EU countries, including the UK, with foreign currencies in the form of bonds, coins, drafts, and cheques amounting to ¤10,000 (Bt465,000), must reveal this to customs and revenue officials.

If they don't and are caught, the money will be seized, and they will be investigated.

This new law introduced by the UK will make the football-club deal more difficult, especially with authorities here chasing Thaksin's money trail after it was reported Bt8 billion of his money was mysteriously withdrawn within a week earlier this month.

An additional Bt21 billion had earlier been withdrawn from his accounts.

Last week, Bank of Thailand Governor Tarisa Watanagase was asked whether Thaksin might have carried some of the Bt21 billion out with him during earlier trips abroad.

The new UK law will make the deal more difficult for anyone trying to spirit banknotes into the UK unnoticed.

Already, even without the new UK law, Noppadon Pattama admitted the frozen money would make the bid more difficult.

He was quoted as saying,

"We may need to use some of the money that has been frozen. If we can't buy Manchester City, the AEC will be to blame."

Here's a suggestion for Manchester City: look for other new investors.

The earlier aborted bid to take over Liverpool serves as an indicator of what it's all about. Look who's winking now. Wink! Wink!

jeerawat@nationgroup.com