The proposal would be submitted to the cabinet and then to parliament for further deliberations.
Its appointed National Reform Steering Assembly passed a proposal under which politicians found guilty of corruption involving more than 27.9 million dollars could face the death penalty.
Politicians involved in corruption to the tune of 2.8 to 27.9 million dollars could face a life sentence, and those involved in cases between 27,900 dollars could be imprisoned for five years.
The proposal would be submitted to the cabinet and then to parliament for further deliberations, the assembly said.
Thailand has been under military rule since a May 2014 coup.
Some coup leaders cited the need to rid the government of corruption as one of the reasons for staging it.
Critics blasted the proposal, saying it could be exploited by the country’s military rulers to further stifle dissent.
“The death penalty is first of all, a human rights issue.
“It is never right and is never the solution; the death penalty can be used as a political tool.
“The authorities in some countries for example, Iran and Sudan use the death penalty to punish political opponents,” the Amnesty International said.
Thailand last carried out the death penalty in August 2009.