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.”


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Covid-19 is A Wake Up Call: Infinity Blockchain Labs Taiwan Explains
    Get more insights on the bandwagon of adapting towards the future technology of transparency to trac...

    May 29, 2020

    Transparency and Traceability of the Future Technology
    ABR recently had a chat with Steve Nam, the Managing Director of WOWTRACE on authenticity and transp...

    May 29, 2020

    C-LOG Is Charting Its Own Course Ahead
    We recently sat down with Kristina Lynge, CEO & Founder, C-LOG for a conversation on things so far. ...

    May 28, 2020

    MAHSA University on Blockchain: Exclusive Interview with Dr Saad Musbah
    ABR recently spoke to the Head of Student Central and Senior Lecturer at MAHSA University, Dr. Saad ...

    May 27, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us