Thailand Moves to Curb $10 Trillion Gold Trade Amid Illicit Flow Crackdown

• Thailand began sweeping anti-money laundering reforms targeting its gold and cryptocurrency markets.
• Measures include stricter reporting rules and baht stabilization efforts.

On January 12, 2026, Thailand launched comprehensive anti-money laundering reforms aimed at addressing illicit money flows within its $10 trillion gold trade and growing cryptocurrency sector. According to Regulation Asia, the new measures are designed to enhance financial transparency and curb money laundering through tighter regulatory oversight and real-time transaction monitoring.

Prime Minister Anutin Charnvirakul and Finance Minister Ekniti Nitithanprapas spearheaded the reform effort, which includes the establishment of a national Data Bureau to monitor suspicious financial activity. One of the key measures introduced by the Anti-Money Laundering Office (AMLO) is a lower reporting threshold for gold bar purchases, which was previously set at 2 million baht. The revised threshold aims to combat tactics like “smurfing,” where large transactions are split into smaller amounts to avoid detection.

The Revenue Department is also exploring the possibility of introducing a “Specific Business Tax” for online gold trading. This proposed tax would enhance transparency in the digital gold market and address loopholes that enable unauthorized financial activities.

In the cryptocurrency market, the Securities and Exchange Commission (SEC) plans to implement the “Travel Rule,” an internationally recognized mandate requiring all crypto asset providers to identify senders and recipients during wallet transfers. Prime Minister Charnvirakul emphasized the importance of addressing threats from modern financial technologies alongside traditional crime, noting the need to protect Thailand’s financial system from vulnerabilities associated with digital transactions.

Moving to macroeconomic concerns, regulators are examining the role of speculative gold trading in driving baht volatility. Bloomberg reported on January 9 that gold transactions can account for up to 60% of Thailand’s total US dollar trading during peak periods. To counteract these impacts, officials are considering limits on speculative gold trades. Leading bullion dealers are advocating for upgrades to online platforms to allow transactions denominated in U.S. dollars, a transition expected to take three to six months.

Bank of Thailand Governor Vitai Ratanakorn added that the government might cap foreign currency transactions with money changers at 800,000 baht daily. These moves coincide with an increase in gold trade activity, which was valued at approximately 10 trillion baht in 2025. Despite being a net importer of gold, Thailand exported 110 tons of gold last year compared to the 180 tons imported.

Thailand’s recent reforms signal a coordinated effort to address both financial and economic vulnerabilities stemming from illicit money flows and speculative trading, aiming to secure greater stability within its markets.