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    Thailand’s AML Office to Introduce Anti Money Laundering (AML) Laws to Regulate the Crypto industry

    Following Thailand’s AMLO directive to seize Bitcoin (BTC) offenders’ assets late last year, the secretary general calls for laws to govern AML in the cryptocurrency industry in Thailand.

    • 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.

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    Lujan Odera
    Lujan Odera
    Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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