Thailand plans to strengthen supervision of the gold trading industry, including online transactions and physical gold bar transactions, to curb money laundering, fraud, and other financial crimes. Director and spokesman of the Thai Ministry of Finance's Fiscal Policy Office, Vinit Vesuvanap said on August 28, local time, that the Ministry of Finance is cooperating with the Bank of Thailand to enact relevant legislation to strengthen supervision of the industry and enhance transaction transparency. The government plans to promote the transformation of gold trading to a fully digital system, enabling regulators to track the source and whereabouts of funds. The move aims to fill regulatory gaps and help identify suspicious activity and verify the authenticity of transactions. “The key is to fully digitize so that all information can be interconnected,” Vinnett said. “This will enable the government to monitor the entire market and immediately detect anomalous behavior.” According to Vinnett, the Ministry of Finance will take the lead in advancing this work and strive to introduce relevant regulations as soon as possible. Currently, some policy proposals and draft laws have been prepared.

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