Thailand wants to make confiscation of crypto assets from fraudters legal

Anti Money Laundering Agency (AMLO) of Thailand is considering the creation of its own cryptocurrency purse for storing digital assets confiscated from cyber-fraudsters, The Nation reports.

AMLO initiative was presented at a seminar in Bangkok, where Thai regulators and UN members discussed the problem of cryptocurrency fraud in the country.

At the moment, there are no regulations in the country’s legislation allowing AMLO to freeze and confiscate the digital assets of criminals. Because of this, scammers continue to own cryptocurrencies, even while in prison.

According to the forecasts of the head of the Institute of Justice of Thailand, Kittipong Kittyarak, number of cybercrimes in Asia will grow rapidly in the years coming, so the authorities need to develop the rules and tools to fight digital fraud as soon as possible.

Representatives of AMLO noted that in Thailand, illegal activities with cryptocurrencies are tightly connected to deception of investors who invest their money into fraudulent projects.

At the seminar, UN Deputy Regional Director for Drugs and Crime (UNODC), Julien Garzani, noted that the economic losses from cryptocurrency fraud in 10 countries of SEA region already amount to 120-200 million USD.

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