Thailand to Confiscate Illegal Cryptocurrency

September 5, 2018

Thailand’s Anti-Money Laundering Office (AMLO) stated it is likely to develop its own crypto wallet.

“We have discussed launching our own ‘AMLO Wallet’ to hold or confiscate digital currency from illegal sources,” the secretary of AMLO Witthaya Neetitham said at the agency’s anti-cyber crime seminar.

Today the country’s law-enforcement bodies are eligible to confiscate physical assets only.

Earlier this year the Technology Crime Suppression Division of the Royal Thai Police together with its colleagues from the Netherlands arrested a Moldovan suspected of administering child-porn website with annual revenue of 123 million bat.

“We found bitcoin in his e-wallet, but had to leave it there because we don’t have any regulations [governing its seizure],” the head of the division Ekkanit Natethong noted.

Neetitham added that AMLO can employ measures against digital currency-related crimes but processing these operations is rather complicated.

“We cannot identify the cryptocurrency operator or receivers when duped victims transfer money to the criminals,” he continued.

Deputy director general at the Department of Special Litigation Chartpong Chirabandhu voiced his concern about evidence collection methods in cyber crimes:

“A big problem with digital assets and other such evidence is the difficulty in discovering the identity of those transacting. When we present the evidence to court, it often fails to convince the judges”.

Remember that last month the Thai police arrested 27-year-old actor Jiratpisit Jaravijit as he was suspected of laundering around 800 million bat in cryptocurrency. The detained has proven to have been promoting crypto scam Dragon Coin.


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