At least one official in Thailand wants to amend the country’s Anti-Money Laundering laws to ensure that cryptocurrencies are not used to facilitate crime. According to a report in the BangkokPost today, Thai Anti-Money Laundering Office (AMLO) secretary-general Maj Gen Preecha Charoensahayanon is convinced that money launderers will eventually use digital currencies to further their illicit schemes.

Pol Maj Gen Preecha believes criminal suspects will increasingly transform their money into digital currencies such as bitcoins as the virtual format will make it harder for authorities to trace their financial transactions.

To prevent that, AMLO’s head wants to see changes to the Anti-Money Laundering Act to improve his office’s ability to monitor cryptocurrency transactions. His proposed change would implement a requirement for digital asset exchanges to report suspicious activities to AMLO, which would improve the agency’s ability to track illicit online currency activities.

The secretary-general defended the idea by suggesting that his proposed changes would help Thailand’s laws better conform with international standards governing suspicious financial activities.

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