Thai Immigration Bureau Cracks Down on Cross-Border Amulet Money Laundering Network: Illegal Funds Concealed Through Cryptocurrency and Other Means

Odaily Odaily News: The Thai Immigration Bureau recently issued a warning that while the cross-border trade in Buddhist amulets is booming, it is being exploited by Chinese gray capital networks as a money laundering channel. From online gambling, telecom fraud, and drug trafficking, some illegal proceeds are being disguised as legitimate business income through amulet trading, fake auctions, temple rentals, and cryptocurrency peer-to-peer transfers.

Bangkok Post quoted Thai Immigration Bureau Deputy Commissioner and Spokesperson Pol Maj Gen Choengron Rimpadee as saying that legitimate merchants and devotees should remain vigilant, verify customer identities, and conduct transactions through formal banking channels, and should not assist others in holding assets on their behalf or acting as commercial agents. Thailand's Anti-Money Laundering Office, Central Investigation Bureau, cyber police, Department of Business Development, Revenue Department, and Customs have jointly launched a cross-agency crackdown to strengthen monitoring of cryptocurrency transactions.