Thai Immigration Bureau Cracks Down on Amulet Money Laundering Networks Using Cryptocurrency to Conceal Sources of Illegal Funds

The Thai Immigration Bureau recently warned that the cross-border trade of amulets is being exploited by Chinese gray capital networks as a money laundering channel. Illegal proceeds are disguised as legitimate income through the sale of amulets, fake auctions, temple rentals, and peer-to-peer cryptocurrency transfers. Deputy Director of the Thai Immigration Bureau, Changlong, pointed out that legitimate businesses and devotees need to be vigilant, verify customer identities, and use formal banking channels for transactions to avoid assisting others in holding assets or acting as commercial agents. Multiple agencies, including the Thai Anti-Money Laundering Office, the Central Investigation Bureau, the Cyber Police, the Department of Business Development, the Revenue Department, and Customs, have jointly launched a crackdown to strengthen monitoring of cryptocurrency transactions.

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