The Anti-Money Laundering Authority of Thailand (AMLO) plans to amend the country’s legislation so that cryptocurrencies fall under the AML laws.
The Secretary General of the Anti-Money Laundering Authority (AMLO), Preecha Charoensahayanon, said that although this is not currently a problem, over time, cryptocurrencies “will become a money laundering tool.” He also noted that so far AMLO has not received complaints about money laundering using cryptocurrencies.
“Although there are no complaints, this does not mean that offenses are not committed,” he warned.
The Secretary General claims that criminals will increasingly turn to crypto assets to hide their illegally obtained income. To prepare for such a development, AMLO plans to amend the country’s legislation so that cryptocurrencies fall under the AML rules, starting with the Anti-Money Laundering Law.
Pricha said that he would also like to add a rule requiring cryptocurrency platforms to report on their activities to AMLO. He noted that such information is crucial for tracking money laundered via the Internet. According to him, the legal changes will comply with the international standards of cryptocurrency exchange service providers.
Thailand is a member of the International Group for the Development of Financial Measures to Combat Money Laundering (FATF), which recently issued recommendations requiring cryptocurrency exchanges to exchange information about customers. The FATF also suggested that member countries should consider obliging exchange operators to register with the relevant authorities