Bangkok: Deputy Prime Minister and Minister of Finance, Ekniti Nitithanpraphas, chaired the inaugural meeting of the Subcommittee on Financial Data Linkage. This gathering aimed to integrate efforts from various agencies to thwart financial transactions involving “gray money” from criminal gangs. The meeting concluded with a resolution to establish a “Data Bureau” to consolidate and link financial data from all relevant agencies, aiming to elevate Thailand’s financial supervision to meet international standards set by the Financial Action Task Force on Money Laundering (FATF). The project is slated for completion by December 2025.
According to Thai News Agency, the working group highlighted that existing laws across several agencies, such as the Anti-Money Laundering Office (AMLO), the Bank of Thailand (BOT), and the Securities and Exchange Commission (SEC), have limitations. The data linkage through the Data Bureau is deemed necessary to address issues related to data disclosure to external parties, including those under the PDPA and the Revenue Department. Public interest exceptions are considered for implementing controls. The working group plans to use real-world cases to scrutinize financial transactions and pinpoint legal loopholes. The Data Bureau will be tasked with gathering information to tackle these issues, focusing on investigating suspicious transactions in three key areas: KYC verification, behavior analysis, and transaction flow monitoring.
The meeting also prioritized probing financial channels that could be associated with suspicious activities and channels used for money laundering via digital currencies, encompassing cryptocurrencies and digital assets under SEC supervision. This also includes assets not under supervision, such as private wallets or foreign platforms, money changers, or cash markets, both legal and illegal, like the gold market. Currently, no direct regulatory body oversees KYC. Therefore, inflowing financial transactions are often laundered through the acquisition of gold, real estate, luxury cars, or diamonds and jewelry.
Additionally, the Ministry of Justice has prepared legislation to close current legal loopholes, especially concerning beneficiary ownership. This standard mandates that if a transaction involves a foreign individual or if funds flow abroad or into a tax haven, international legal mechanisms and standards (FATF) must be employed for information exchange.
The Data Bureau Working Group amalgamates data from several regulatory and law enforcement agencies, including the Ministry of Finance, Ministry of Commerce, Ministry of Justice, the Anti-Money Laundering Office (AMLO), the Customs Department, the Revenue Department, the Department of Special Investigation (DSI), the Royal Thai Police, the Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), the Thai Bankers’ Association, and the Government Bankers’ Association. The Director of the Fiscal Policy Office (FPO) acts as the secretariat.