The Thai government is intensifying its fight against “gray money” by implementing a new system for monitoring financial transactions.
This is reported by Business • Media
- The Thai authorities are launching a special structure to oversee suspicious financial flows.
- The launch of the “data bureau” is scheduled for December of this year.
- There are plans to strengthen oversight of cryptocurrency transactions and dubious remittances.
Mechanism and Goals of the New Structure
Thailand will have a specialized group aimed at detecting suspicious financial flows related to online gambling, fraudulent accounts, and operations involving so-called “gray money.” Finance Minister Ekniti Nitithanprapas stated that the newly established “data bureau” will facilitate information exchange between government agencies and financial institutions. This will allow for more effective identification of atypical transactions and determination of ultimate beneficiaries.
“We will not address these issues in a piecemeal manner but will update standards for identifying suspicious flows. We hope to have everything completed by December,” said Nitithanprapas.
The project is overseen by the finance minister. The team will include representatives from the Bank of Thailand and other key departments. According to government officials, the initiative is being implemented under the Connect the Dots program, which aims to investigate atypical financial movements that may impact the strengthening of the baht, even amid the country’s weak economic indicators.
Strengthening Oversight and Digital Initiatives
Prime Minister Anutin Charnvirakul emphasized the government’s determination to combat financial crimes, highlighting that significant resources have been allocated to dismantle fraudulent networks, human trafficking, and drug cartels.
Ekniti Nitithanprapas clarified that “gray cash” typically enters the country through cryptocurrency platforms, exchange networks, cash channels, and gold markets. These funds are often laundered through the purchase of expensive assets such as gold, real estate, diamonds, and luxury cars.
The government also plans to modernize the financial flow monitoring system and align national regulations with international FATF standards. At the same time, the Bank of Thailand has mandated commercial banks to enhance customer verification procedures to timely detect suspicious transactions.
These anti-crime measures are integrated into the broader digital strategy of the country. In particular, the recently launched initiative TouristDigiPay allows tourists to convert digital assets into baht for the payment of goods and services. The program began on August 18, 2025, as part of a regulatory “sandbox.”
Additionally, in June, the Ministry of Finance selected three consortia (including Krung Thai Bank, SCB X, Advanced Info Service, PTT Oil and Retail Business, and KakaoBank from South Korea) to establish virtual banks. This initiative aims to expand access to financial services and support the development of Thailand’s digital economy.