Thailand Considers Extending AML Regulations to Crypto

Asia Blockchain Review
August 17, 2019
Thailand Considers Extending AML Regulations to Crypto

With cryptocurrencies more widely recognized and adopted among businesses and investors, Thailand’s Anti-Money Laundering Office (AMLO) has announced that it may revise existing regulations to take into account money laundering activities conducted via cryptocurrency.

AMLO: Crypto “Will Be New Tool of Money Laundering”

In an interview with the Bangkok Post, AMLO Secretary-General Police Major General Preecha Charoensahayanon said he believes cryptocurrencies “will be a tool of new money laundering.”

Police Major General Preecha admitted that his office has yet to uncover any evidence linking cryptocurrencies to money laundering activities. Nonetheless, he said he is taking a proactive stance against the potential for the misuse of digital currencies.

“We may not find any clue, but that doesn’t mean the wrongdoing does not occur,” the AMLO chief said.

Revised Regulations to Apply to Digital Assets

AMLO is, therefore, considering whether to revise existing rules and regulations, including the country’s Anti-Money Laundering Act, to bring digital assets into the purview of AML laws.

To ensure that illegal activities do not go unenforced, the AMLO secretary-general said it may add a requirement for digital exchange platforms to report their activities to the authority. The data could prove essential to Thai law enforcement uncovering and tracking laundered assets online.

Police Major General Preecha, these proposed amendments reflect international standards regarding cryptocurrency exchanges.

According to a report by the Asia/Pacific Group on Money Laundering (APG), AMLO is “Thailand’s central authority for AML/CFT [Countering the Financing of Terrorism] and plays a pivotal role in coordinating ML/TF risk assessments.”


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