Crypto News Today: Thai Secretary-General of AMLO Wants To Amend Anti-Money Laundering Act To Include Cryptocurrencies
Today in Crypto – August 5, 2019
Thailand’s secretary-general of AMLO plans to focus on cryptocurrencies, bitcoin mining power is up 10 percent since mid July, and Mastercard is seeking to hire blockchain professionals to build crypto wallet solutions.
The thai secretary-general of the Anti-Money Laundering Office wants to amend AML laws to include cryptocurrencies. Thai Police Major General Preecha believes criminals will increasingly transform their money into digital currencies. In an effort to prevent cryptocurrency money laundering, Preecha wants to add a section to the Thai Anti-Money Laundering Act that would require cryptocurrency exchanges to report activities to the office.
Thailand is a member nation of the Financial Action Task Force (FATF), an international money-laundering task force that provides recommendations for regulators. The Financial Action Task Force most recently demanded that crypto service providers scrutinize their customers’ behavior and report irregular transactions to authorities.