Thailand’s government is forming a special task force to track suspicious financial flows tied to online gambling, scam networks, and other illicit transactions that may be influencing the baht’s unusual strength, according to a Bloomberg report.
New Data Bureau to Detect Irregular Transfers
Finance Minister Ekniti Nitithanprapas announced that the new “data bureau” will synchronize information across government departments and financial institutions to identify irregular transfers and trace the ultimate recipients of questionable funds.
“We will not fix this on a case-by-case basis, but will update the standards for detecting suspicious flows,” Ekniti said, adding that the system should be operational by December 2025.
Prime Minister Anutin Charnvirakul has tasked Ekniti with leading the initiative in cooperation with the Bank of Thailand and other agencies under a “Connect the Dots” framework, designed to improve oversight of irregular capital movements. The task force will also investigate whether these flows contributed to the baht’s resilience despite Thailand’s sluggish economic performance.
Government Takes an All-Out Approach
Anutin pledged full government support, describing the crackdown as an “all-out war” on financial crimes. Authorities will have broad powers to dismantle networks involved in scams, human trafficking, and drug smuggling.
Ekniti explained that “gray money” often circulates through cryptocurrency platforms, informal cash networks, currency exchanges, and gold markets. Once funds enter Thailand, they are frequently laundered through high-value assets such as real estate, gold, diamonds, and luxury vehicles.
Modernizing Oversight and Global Compliance
The government aims to modernize its monitoring framework for suspicious transactions and align local rules with global standards set by the Financial Action Task Force (FATF). Meanwhile, the Bank of Thailand requires commercial lenders to strengthen due diligence processes to detect and report unusual transfers.
Tourism Recovery and Chinese Visitors
Thailand is also working to revive its tourism sector, particularly by attracting more Chinese visitors. Government spokesperson Siripong Angkasakulkiat expects visible results “within one or two months,” leveraging a pledge to keep gambling illegal in exchange for Beijing’s support.
Prime Minister Anutin recently reassured President Xi Jinping at the Asia-Pacific Economic Cooperation meetings that Thailand will not legalize casinos, which reportedly prompted China to discuss boosting tourism. The government anticipates a seasonal rebound in arrivals during the upcoming Lunar New Year in February, following earlier declines in Chinese visitors.
