- Secretary General of AMLO expects to witness a rise in cryptocurrencies used for illegal activities.
- The AML regulators set to amend the laws to include cryptocurrencies.
In a post on the Bangkok Post, the secretary-general to Thailand’s Anti Money Laundering Office (AMLO), Pol Maj Gen Preecha Charoensahayanon, wants to see the country adopt AML rules for the cryptocurrency industry. While no laws have been drafted on the use of digital assets for illicit activities for the past decade, Preecha said his vision is to amend the laws to include cryptocurrencies.
Preecha: “Cryptocurrencies will be used in money laundering”
In his statements on the upcoming 20th anniversary of AMLO on August 20, Preecha stated AMLO will work towards two main goals –
“traditional duty to prevent and crack secret plots to hide illegal assets, and the other in connection with the unfamiliar role of probing new hideouts in the cyber world.”
While Preecha maintains the regulatory body is yet to receive any complaints on illegal activities using crypto, he says the acts are bound to happen (or are already happening without their knowledge). He remarked,
“We may not find any clue, but that doesn’t mean the wrongdoing does not occur.”
Preecha further stated that AMLO will look to change the rules to ensure that cryptocurrency exchange in the country report any suspicious activities to the regulator. This is in line with the Financial Action Taskforce (FATF) – a global AML watchdog – recommendation that crypto exchanges should report any illegal acts on their platform.
Bullish Move for Crypto in Thailand
Cryptocurrencies may provide an avenue for illegal trades, money laundering and other acts of evil – similar to cash. Regulators across the world are taking the front hand in ensuring that these acts do not thrive in the industry which provides security and opportunity for growth of the industry. The comments by Preecha will see cryptocurrencies being used for the right purpose, boosting the potential of growth for the industry in the country.
Earlier in July, the Bank of Thailand officials received calls from Libra representatives to take a closer look at the Facebook-backed cryptocurrency.