Bangkok (VNA) - Anew law giving Thailand's King direct control over royal assets worth billionsof US dollars went into force on July 17.

The law was approved by the Thai National Legislative Assembly last week andpublished on the Royal Gazette on July 16.

The main change gives King Maha Vajiralongkorn power to appoint all members ofthe committee that oversees the Crown Property Bureau (CPB).

Under the previous law, the committee's chairman was the finance minister, amove meant to ensure some semblance of government oversight. It is thefirst time that law has been changed in 69 years.

King Maha Vajiralongkorn inherited one of the world's great fortunes when heascended the throne in October 2016 following the death of his father BhumibolAdulyadej.

Since King Bhumibol Adulyadej's death, a series of legal changes have beenmade. Among these was a provision allowing the king to travel overseas withoutappointing a regent in his stead, and an end to the need for all royal decreesto be countersigned by a government official.

King Maha Vajiralongkorn also took direct control of five state agenciesoverseeing royal affairs and palace security that were previously undergovernment or military control.-VNA