Thailand Cracks Down on Gold, Crypto Money Laundering

Thailand’s Prime Minister Anutin Charnvirakul has launched an aggressive campaign against illegal financial flows, ordering strict new regulations on gold trading and digital assets. The measures aim to dismantle money-laundering networks operating across traditional and digital markets.

The announcement came during a high-level meeting of the “Connect the Dots” sub-committee on Friday. Finance Minister Ekniti Nitithanprapas joined the prime minister to outline plans for integrating national financial data systems.

Thai PM Anutin Charnvirakul has launched a crackdown on "grey money" and illegal capital flows, ordering tighter regulations on gold and digital assets. The government will strictly enforce the "Travel Rule," mandating identity verification for senders and receivers in all…

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A central pillar of the strategy involves creating a national Data Bureau. This centralized hub will track suspicious transactions in real-time across gold, digital assets, e-wallets, foreign exchange, and cash.

The system will link datasets from relevant agencies via Open API. Authorities will develop comprehensive risk profiles for various financial activities without establishing a new standalone agency.

Thailand Gold Market Faces Stricter Oversight

The Prime Minister’s directive specifically targets Thailand‘s gold trade, which has historically faced significant oversight challenges. Both physical and digital gold transactions will face new scrutiny.

The Anti-Money Laundering Office has received instructions to slash mandatory reporting thresholds for gold bar purchases. Currently, only transactions exceeding 2 million baht require reporting to authorities.

The new limit will be significantly lower. This change aims to prevent “smurfing,” the practice of splitting large sums into smaller amounts to evade detection.

Meanwhile, online gold trading platforms face additional regulatory pressure. The Revenue Department is studying a new specific business tax for platforms facilitating gold trades without physical delivery.

Service providers will also face stricter accounting requirements. The government wants special accounts for providers and reporting mechanisms that allow comprehensive state audits.

Digital Assets Under the Travel Rule

The crackdown extends into the digital realm with significant implications for cryptocurrency platforms. The Securities and Exchange Commission has received orders to strictly enforce the Travel Rule.

This international standard requires all digital asset providers to identify both originators and beneficiaries of wallet-to-wallet transfers. The rule ensures that anonymity no longer serves as a shield for illicit wealth.

Following the two-hour session at the Ministry of Finance, PM Anutin addressed the comprehensive nature of the initiative. He emphasized the government’s dual focus on modern and traditional financial crimes.

Today, we are not only addressing modern digital threats but also ‘analogue’ financial crimes. Traditional criminal methods are constantly evolving to find new life.

PM Anutin stated

The Prime Minister stressed the need for unified action against financial criminals. “We must work as a single, integrated force to protect the public interest and the integrity of our financial system,” he added.

The government’s coordinated approach involves multiple agencies working in tandem. The Bank of Thailand and Revenue Department will collaborate on implementing the new data-driven security model.

This marks a significant shift in Thailand’s approach to combating financial crime. The integrated strategy aims to make Thailand a hostile environment for illegal capital movements.

Regulators expect the measures to close systemic gaps currently exploited by criminal syndicates. The shared data system will provide authorities with unprecedented visibility into suspicious transactions.

For cryptocurrency exchanges operating in Thailand, compliance with the Travel Rule becomes mandatory. Platforms must now verify and record the identities of all parties involved in digital asset transfers.

The gold industry faces immediate operational changes as well. Dealers must prepare for lower reporting thresholds and enhanced documentation requirements for all transactions.

Thailand joins a growing list of nations tightening financial regulations across both traditional and digital markets. The comprehensive approach targets grey money operations that span multiple asset classes.