Thai PM Targets ‘Grey Money’ with Crackdown on Gold Trade and Digital Assets
PM Anutin orders a sharp reduction in gold reporting limits and introduces a new tax on online trades to dismantle illegal money-laundering networks
- The Thai government is significantly lowering the mandatory reporting threshold for physical gold purchases to combat money laundering tactics.
- A new "Specific Business Tax" is being considered for online gold trading platforms, which will also be subject to stricter accounting and audit requirements.
- For digital assets, the "Travel Rule" will be strictly enforced, requiring identification of both the sender and receiver in all wallet-to-wallet transfers to remove anonymity.
- A national Data Bureau will be established to centralize financial data, allowing authorities to track suspicious transactions in real-time.
PM Anutin orders a sharp reduction in gold reporting limits and introduces a new tax on online trades to dismantle illegal money-laundering networks.
Prime Minister Anutin Charnvirakul has launched a sweeping offensive against "grey money" and illegal financial flows, ordering a significant tightening of regulations surrounding gold trading and digital assets.
In a high-level meeting of the "Connect the Dots" sub-committee on Friday, the Prime Minister, alongside Finance Minister Ekniti Nitithanprapas, laid out a roadmap to integrate national financial data and plug systemic leaks currently exploited by criminal syndicates for money laundering.
A central pillar of the strategy involves the creation of a national Data Bureau.
This centralise hub will allow authorities to track suspicious transactions in real-time and develop comprehensive "risk profiles" for various financial activities.
Clamping Down on the Gold Market
The Prime Minister’s directive specifically targets the gold trade, which has historically faced oversight challenges.
Physical Gold: The Anti-Money Laundering Office (AMLO) has been instructed to slash the mandatory reporting threshold for gold bar purchases.
Currently, only transactions exceeding 2 million baht must be reported; the new limit will be significantly lower to prevent "smurfing"—the practice of splitting large sums into smaller amounts to evade detection.
Online Trading: For platforms where gold is traded digitally without physical delivery, the Revenue Department is considering a new "Specific Business Tax."
Service providers will also be required to maintain rigorous accounting records for state audit.
Digital Assets and the ‘Travel Rule’
The crackdown extends into the digital realm, with the Securities and Exchange Commission (SEC) ordered to strictly enforce the "Travel Rule."
This international standard requires all digital asset providers to identify both the originators and beneficiaries of wallet-to-wallet transfers, ensuring that anonymity no longer serves as a shield for illicit wealth.
"Today, we are not only addressing modern digital threats but also 'analogue' financial crimes," PM Anutin stated following the two-hour session at the Ministry of Finance. "Traditional criminal methods are constantly evolving to find new life. We must work as a single, integrated force to protect the public interest and the integrity of our financial system."
The government's coordinated approach, involving the Bank of Thailand and the Revenue Department, marks a significant shift towards a data-driven security model intended to make Thailand a hostile environment for illegal capital.
