Thailand's Central Bank Cracks Down on Illicit Money

Thailand's central bank has launched a crackdown on illicit money moving through its financial system. The Bank of Thailand (BOT) has brought together 11 financial sector bodies to target scams, online gambling, and corruption. Under the new framework, banks will scrutinize money throughout its journey across the system, including transfers, withdrawals, and asset conversions.

The framework covers banks, payment firms, and money changers, and includes foreign currencies, gold, and digital assets in its scope. Banks will move faster against accounts linked to wrongdoing, freezing or blocking funds promptly if they suspect illicit activity.

Bank of Thailand Governor Vitai Ratanakorn said the initiative consolidates measures previously pursued separately, bringing the whole industry connected with finance together. The central bank wants to prevent financial services from becoming conduits for illegal transactions and create 'bottlenecks' throughout the movement of illicit money.