Thailand Considers Gold Transaction Tax in Illegal Gambling Crackdown

Thailand is considering a 0.01% tax on all gold transactions as part of a wider effort to reduce money laundering connected to organized crime, including illegal gambling.

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A number of financial institutions in the country have joined in supporting the proposed tax. The proposed measure will ensure that all gold transactions are recorded, thus ensuring that the authorities have more transaction information and that it becomes difficult for criminals to launder money using gold.

Gold can be an avenue through which criminals launder money. The proposed tax measure will make sure that there is more transparency in the process and that authorities can determine if there are any irregularities.

The Bank of Thailand, or BOT, is among the institutions backing the change. The central bank has also committed to strengthening protections against fraud, scams, and money laundering as part of its broader effort to create a bottleneck in the financial system.

Bank of Thailand Expands Information Sharing

BOT plans to improve financial information sharing among commercial banks, state-owned banks, and foreign banks. It also intends to share relevant information with state authorities.

The approach is designed to connect institutions involved in the financial system and give authorities better access to information that may help them identify criminal activity.

Bank of Thailand Governor Vitai Ratanakorn said the work completed over the past 11 months may have appeared as separate efforts. However, he said the current approach brings together the entire industry connected to finance.

The proposed gold tax is one part of this broader plan. The central bank has already introduced reporting requirements related to physical gold withdrawals.

BOT now requires reporting for physical gold withdrawals of at least 2kg. Ratanakorn said the requirement has reduced requests for physical gold from 20 billion baht, or £447.9 million, to 3 billion baht, or £67.2 million.

Illegal Gambling Market in Focus

Thailand’s gambling black market is estimated to be worth 1.1 trillion baht, or £25.1 billion, each year.

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The scale of the estimated market highlights the large amount of funds that criminal organizations may need to move or launder. Authorities are considering stronger financial controls as part of the response to illegal gambling and other forms of organized crime.

The discussions on gold transactions come as the Financial Action Task Force, or FATF, released a report addressing the risk of money laundering through online gaming and land-based casinos.

The report noted that online gaming platforms and casinos can be used as vehicles for money laundering if robust safeguards are not in place.

FATF identified several risk factors that may indicate potential suspicious activity. These include account deposits made from multiple third-party accounts, heavy reliance on cash or virtual assets, and betting patterns that cover all possible outcomes.

FATF Identifies Gambling Risk Factors

Other warning signs identified in the FATF report include automated betting activity, repeated use of virtual private networks (VPNs), and the creation of multiple accounts using fake names.

The organization also cited attempts to bypass customer due diligence as another potential risk factor. These practices can make it more difficult for operators, financial institutions, and regulators to verify customers and trace funds.

FATF President Giles Thomson said online gaming and land-based casino sectors can become attractive channels for fraudsters, professional money launderers, and organized criminal networks when strong safeguards are not in place.

He encouraged the government to look at the risk indicators outlined by FATF and come up with an appropriate response. This could take the form of supervision, dealing with illegal and offshore operators, international cooperation, and public-private cooperation.

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Source: iGaming Expert