Bangkok: Ekanit Nitithanpraphas, Deputy Prime Minister and Minister of Finance, is spearheading efforts to establish a “Data Bureau” aimed at integrating all financial units to monitor and track suspicious transactions, with a completion target set for December 2025. This initiative is a significant move in the fight against grey money and seeks to align Thailand’s financial regulatory standards with international norms.

According to Thai News Agency, the decision to create the “Data Bureau” was made during a meeting chaired by Ekniti Nitithanpraphas with the Financial Data Linkage Subcommittee. The Bureau’s primary role will be to collect and link financial data from various relevant agencies, thereby curbing fraudulent transactions and elevating Thailand’s financial regulations to meet the standards set by the Financial Action Task Force (FATF).

The “Data Bureau” will focus on analyzing suspicious transactions across three key areas: identity verification of individuals and entities, financial behaviors that deviate from established profiles, and money flows through banks, cryptocurrency markets, gold markets, and other potential money laundering channels. Real-world case studies will be used to test and identify loopholes in existing laws and tracking systems.

Furthermore, the Ministry of Justice is drafting new legislation to address existing gaps in identifying true beneficiaries of assets. Transactions involving foreign countries or tax havens will necessitate international legal cooperation, adhering to FATF standards. The “Data Bureau” will integrate data from over ten government agencies, including the Ministry of Finance, Anti-Money Laundering Office, Bank of Thailand, Securities and Exchange Commission, Customs Department, and Department of Special Investigation. This integration aims to enhance transparency and accountability within Thailand’s financial system.