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Thailand plans to amend crypto AML laws

Tuesday 6 August 2019 10:26 CET | News

Acting Secretary-general of the Thailand Anti-Money Laundering Office (AMLO) has hinted that the regulator is making plans to amend the laws governing cryptos.

The initiative is meant to stop digital currencies for being used in money laundering. According to a report, if the laws governing cryptocurrencies are not amended, they will most likely be used for illegal activities.

The Secretary-general noted that roadmaps have already been drawn to combat money laundering and cybercrime in the country with emphasis on cryptocurrencies. Preventive measures would be put in place to curtail illicit activities in the future. AMLO’s work will aim to focus on two areas: one involving its traditional duty to prevent and crack secret plots to hide illegal assets, and the other in connection with the unfamiliar role of probing new hideouts in the cyber world.

Moreover, a section will be created for cryptocurrency transactions in the AML act, which will prompt all crypto exchanges in Thailand to submit details of the trade, such as the sender and receiver’s information, the amount of the transaction, to help regulators trace these illegalities.


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Keywords: Thailand, AML, laws, cryptocurrencies, digital currencies, money laundering, illegal activities, fraud prevention, exchanges, transactions
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Countries: World