BANGKOK, Thailand – Thailand’s Finance Ministry is studying a possible gold transaction tax as a tool to strengthen monitoring of gold trading and prevent gold from being used as a channel for money laundering by fraudsters and so-called grey capital.
Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said the Data Bureau has identified suspicious activity involving the use of gold purchases and sales to move illicit funds.
The Finance Ministry, Bank of Thailand and Gold Traders Association are therefore studying options for imposing a tax based on gold transactions, following international practices. The measure could cover transactions in the gold market as well as gold imports, while authorities will seek to avoid placing an excessive burden on legitimate businesses.
Ekniti said gold shops already provide some transaction information, but authorities want to establish a more comprehensive system for recording and examining gold-related transactions.
The proposed system would provide greater transparency over buyers and sellers, including individual customers, investors and speculators, retail gold shops, and major gold importers and exporters. Authorities currently lack sufficiently detailed data on these transactions to identify suspicious financial activity effectively.
Ekniti said the study is expected to produce clearer conclusions soon, with the aim of closing loopholes that allow grey capital to conceal or transfer funds through gold purchases.
He added that efforts to combat grey capital are not limited to gold. The Finance Ministry, Bank of Thailand and Securities and Exchange Commission are also working closely to examine transactions involving digital assets, as part of broader efforts to strengthen Thailand’s financial system and prevent illicit money flows.
