The Secretary-General of the Thailand Anti-Money Laundering Office (AMLO) has revealed that the changes in the Anti-Money Laundering (AML) laws in the country will include cryptocurrencies, crypto exchanges and the likes of it.
It was gathered from reports that with the revision of laws governing money laundering looming, crypto exchanges would not be left out. International standards as well are said to be considered in this new law inclusion. Because digital assets and services were not a thing as at when last the AML laws were reviewed, it would be looked into now.
Reports credited to the country’s Police Major General cites that though Thailand have no evidences of money laundering done via cryptocurrencies as at yet, it does not give it a look of purity. It does not mean these do not occur.
Thailand have been a member of the international money laundering organization Financial Action Task Force (FATF). The new laws will go a long way in making her a respected hub for crypto businesses as more people will be assured of the safety of their funds.
The FATF had passed a memo that member countries are to ensure that crypto transactions are registered with the legal authorities to help better monitor them. Service providers as well are mandated to ensure that there is customer information sharing while making fund transfers between themselves.
This is a good development as more and more hiding places for scam operators and con artists are being regulated. Crypto exchanges will soon be limited only to licensed entities.