Bangkok: The Bank of Thailand and the Anti-Money Laundering Office have established a working group to investigate gold transactions following a surge in trading, which has put pressure on the baht to strengthen.

According to Thai News Agency, the joint working group aims to close loopholes in gold transaction oversight, prevent misuse of gold for illegal activities, and restore public confidence in gold investments. The Bank of Thailand (BOT) and the Anti-Money Laundering Office (AMLO) have noted the increased volatility and record-high gold prices, leading to a rise in trading volume and upward pressure on the baht.

Previously, BOT implemented stricter regulations on foreign exchange transactions by gold companies and mandated continuous reporting from major gold traders. AMLO has also taken measures to prevent money laundering through gold trading businesses. Despite these efforts, the volume of gold-related transactions continues to grow, prompting the need for intensified investigations to identify customers and detect suspicious activities, particularly in online gold trading.

The newly formed group will focus on three main objectives: enhancing data linkage and integration to close legal loopholes, analyzing suspicious behavior to identify and manage abnormal transactions, and establishing comprehensive guidelines for the supervision and monitoring of gold transactions.

This collaboration aims to make the oversight of gold-related transactions more efficient and systematic, closing gaps in current regulations and preventing illegal activities. It is expected to enhance transparency and public confidence in gold investment, contributing to greater stability in Thailand's economic and financial system.