The government is to set up a data bureau to combat grey money flowing through cryptocurrency, money changers, and the gold market, Finance Minister Ekniti Nitithanprapas said.
As chair of the Subcommittee on Financial Data Integration, Mr Ekniti, also a deputy prime minister, said yesterday that the bureau will consolidate financial information from major agencies, including the Ministries of Finance, Digital Economy and Society, Commerce and Justice, the Bank of Thailand, the Anti-Money Laundering Office and the Revenue Department.
Mr Ekniti said this will be done to eliminate data barriers and strengthen financial oversight.
The bureau’s work will centre on verifying the identities of individuals, corporations and nominees, tracking suspicious financial movements, and monitoring inflows and outflows of funds.
It will also scrutinise transactions involving real estate, luxury vehicles, gold, and unregulated crypto markets to detect potential money laundering.
The bureau is expected to be operational by December.