Monday, October 26, 2020

Thailand Govt Will Amend AML Laws to Regulate Cryptocurrency


A Thai regulator announced that the regulator will amend regulation to prevent crypto use for illicit activities, English-language local news outlet BangkokPost reports on Aug. 5.

AMLO to focus on cryptocurrencies

Per the report, Acting Secretary-General of the Thai Anti-Money Laundering Office (AMLO), Pol Maj Gen Preecha Charoensahayanon, stated that cryptocurrencies will be used for money laundering.

For this reason, he reportedly announced that AMLO will also focus on amending existing anti-money laundering regulations to prevent the use of digital currencies for illegal activities in the near future.

Data sharing requirements for exchanges

Charoensahayanon intends to start with changing the Anti-Money Laundering Act to include requirements for digital currency exchanges to report their activities to the office. The report suggests that — while the regulator does not currently receive complaints — it must closely observe the space, and cites the AMLO official commenting:

- Advertisement -

“We may not find any clue, but that doesn’t mean the wrongdoing does not occur.”

The reporter also cites an alleged scam in which the suspect accepted Bitcoin (BTC) payments to buy company shares for his victims. Per the report, this case showed that cryptocurrencies can be used for illicit activities.

As Cointelegraph reported in July, Bank of Thailand governor Veerathai Santiprabhob said that the institution is open to discussing Facebook’s Libra stablecoin with the company.

- Advertisement -
- Advertisement -


Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World


Latest News

This Week

Former Malawi minister sentenced to six years in prison over passport corruption scandal

A court in Malawi’s capital Lilongwe on Thursday sentenced a former home minister to six years in prison after he was found guilty in...

Former Columbus mayor Eisenga charged with bank fraud

A former Columbus mayor and businessman who was once at the center of a controversial bill aimed at reducing child support payments for wealthy...

Goldman to pay over $2 billion in DOJ’s 1MDB Probe

Goldman Sachs Group Inc. has reached a long-awaited pact with the U.S. Department of Justice to pay more than $2 billion for the bank’s...

EU takes legal action against Cyprus and Malta over investment for citizenship scheme

The European Union’s executive said on Tuesday it was launching legal action against Cyprus and Malta over their investor citizenship programmes, also known as...

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks