BANGKOK, Thailand – Prime Minister Anutin Charnvirakul has ordered a sweeping overhaul of financial transaction monitoring to close loopholes exploited by so-called “grey capital,” with a particular focus on gold trading and digital assets, in a move authorities say will strengthen Thailand’s economic and financial integrity.
Speaking after chairing a high-level meeting at the Ministry of Finance on linking financial data to enhance scrutiny of suspicious transactions, Anutin said relevant agencies had been instructed to upgrade data collection systems and integrate them into a centralized Data Hub for more effective tracking and enforcement.
He noted that certain financial intermediaries, especially gold traders, still face limitations in transaction reporting. To address this, three key measures were ordered.
First, the Anti-Money Laundering Office (AMLO) will act as the central authority for gold trade data, reviewing and tightening regulations for gold traders. This includes considering a reduction of the current reporting threshold of 2 million baht per transaction to AMLO or the Revenue Department, potentially introducing a tiered reporting system.
Second, for gold traded via online platforms without physical delivery, the Finance Ministry will revise existing regulations to set clearer rules and conditions. Online gold trading service providers will be required to submit transaction data to the Revenue Department, while authorities will study the introduction of a specific business tax for online gold trading in coordination with the Bank of Thailand.
Third, the Securities and Exchange Commission has been tasked with implementing the “Travel Rule” for digital assets, requiring all digital asset operators to collect and verify transaction data between wallets on their platforms. The aim is to ensure traceability of fund transfers, improve risk-based transaction limits, and enhance safeguards against data breaches and cybercrime.
Anutin stressed that all agencies must work in close coordination and unity to combat technology-related crime and money laundering effectively.
“I believe today’s decisions can be implemented quickly and will help protect public interests, while preventing and suppressing financial crimes in all forms,” he said. “This covers not only digital systems but also traditional, analog methods that should not be overlooked. These measures will bring significant benefits to Thailand’s economy and reinforce international confidence in the country.” (TNA)
