Thailand Government Plans to Amend AML Laws to Prevent Illicit Activities using Cryptocurrencies

Regulator of Thailand declared that the controller would make changes in the regulation to avoid crypto use for unlawful operations, a local news outlet said. 

Besides, he declared that AMLO would concentrate on revising existing anti-money evasion regulations to counteract the utilization of illegal activities for criminal operations in the immediate future. Pol Maj Gen Preecha Charoensahayanon considers digital money to be another test of the Anti-Money Laundering Office (AMLO) under his initiative. 

“It will be a tool of new money laundering,” says acting AMLO secretary-general Preecha when questioned to clarify his vision in near future as his office gets ready to check its twentieth commemoration on twentieth of August. To get prepared for this move, he revealed that he intends to alter the nation’s laws to bring cryptos into the AML system, beginning with the Anti-Money Laundering Act.

In his assessment, AMLO’s work will be centered on two zones in the immediate future, one including its traditional obligation to avoid and break secret plans to conceal illicit resources, and the other regarding the new job of testing unique hideaways in the digital world. 

Moreover, Pol Maj Gen Preecha accepts that criminals will progressively transform their cash into digital currencies like bitcoins, as the virtual format of it will make it difficult for experts to trace their money-related transactions. Furthermore, the secretary-general contended that criminals would progressively move to digital resources for hiding their illicit activities. 

The Acting Secretary-General of the AMLO, Charoensahayanon means to begin with changing the Anti-Money Laundering Act to incorporate prerequisites for digital currency exchanges to report their pursuits to the office. Moreover, the report proposes that, while the controller does not receive objections or complaints, it has plans to watch the space intently.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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