In order to strengthen crypto trading and prevent financial threats, Thailand is putting crypto-currency under its AML laws.
The secretary-general of Thailand’s AMLO (Anti-Money Laundering Office), Pol Maj Gen Preecha Charoensahayanon believes that the criminal suspects will use digital currencies such as Bitcoins for illicit transactions, since the crypto trading will make it harder for authorities to trace their financial transactions. In an interview, the secretary-general pointed out that even though the AMLO officers do not receive complaints, or deal with, cases directly involving crypto-currencies at present, but that doesn’t mean the wrongdoing doesn’t occur, the officers need to stay alert.
The FATF (Financial Action Task Force), of which Thailand is a member nation, has recently issued recommendations that crypto-currency platforms should be monitored for the suspicious transaction. As per the FATF proposal, member countries should consider mandating crypto exchange providers to register with the relevant authorities. Additionally, the crypto exchanges must obtain the correct names of senders and recipients, and submit the information to beneficiary institutions.
Source – Asia Crypto Today