Bangkok: The Prime Minister has mandated new measures to tackle issues of dubious capital and close loopholes in "gold and digital asset" transactions, a move anticipated to bolster the Thai economy.
According to Thai News Agency, Prime Minister and Minister of Interior Anutin Charnvirakul disclosed these initiatives following a meeting focused on enhancing the monitoring of suspicious financial transactions through a Data Bureau. The meeting's objective was to direct relevant agencies to improve transaction database collection and connect this data to a Data Hub for better tracking of financial transactions.
The Prime Minister outlined specific directives targeting existing limitations in the data storage capabilities of financial intermediaries, particularly in the gold sector. The Anti-Money Laundering Office (AMLO) has been designated as the central hub for data collection, tasked with setting guidelines and implementing measures to combat money laundering by gold traders. This includes strengthening regulations and potentially reducing the monetary threshold that gold shops must report to AMLO or the Revenue Department.
In the realm of online gold trading, there is a call for revising the Ministry of Finance's regulations to better define non-physical gold trading. Proposed measures include establishing guidelines for online trading services to submit transaction data to the Revenue Department and exploring specific business tax options with the Bank of Thailand.
In the digital asset sector, the Securities and Exchange Commission has been urged to implement a travel rule for digital asset transaction data, enabling the collection and verification of transaction data between individual wallets on digital asset service provider platforms. These steps aim to ensure robust data storage and create a security system to mitigate hacking risks, thereby facilitating efficient tracking of transaction paths.
The initiatives also propose limiting transaction amounts based on risk levels, with a call for coordinated efforts from all relevant government agencies to address technology-related crimes and money laundering effectively.
Mr. Anutin expressed confidence in the swift implementation of these measures, emphasizing their potential to protect public interests and curb financial crimes. He highlighted the importance of addressing both digital and traditional financial systems to maintain vigilance and enhance Thailand's international economic standing.