In Thailand, Cryptocurrencies will be Regulated in Accordance with AML rules

The Thailand Anti-Money Laundering Authority (AMLO) plans to amend the country’s legislation so that cryptocurrencies are subject to AML laws.

The Secretary-General of the Anti-Money Laundering Office (AMLO), Preecha Charoensahayanon, said that although this is not a problem at present, cryptocurrencies will “become a money laundering tool.” He also noted that while AMLO has not received complaints about money laundering using cryptocurrencies.

“Although there are no complaints, this does not mean that no offenses are committed,” he warned.

The Secretary-General claims that criminals will increasingly turn to crypto assets to hide their illegally obtained income. In order to prepare for such a development of events, AMLO plans to amend the legislation of the country so that cryptocurrencies fall under the AML rules, starting with the Anti-Money Laundering Law.

Pricha said that he would also like to add a rule requiring cryptocurrency platforms to report on their activities to AMLO. He noted that such information is crucial for tracking money laundered through the Internet. According to him, the legal changes will comply with international standards of cryptocurrency exchange service providers.

Read This Now: The positive price evolution for the first days of September

Thailand is a member of the International Anti-Money Laundering Financial Action Task Force (FATF), which recently released recommendations requiring cryptocurrency exchanges to exchange customer information. The FATF also proposed that member countries consider requiring exchange operators to register with the relevant authorities.