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Thailand To Adopt New FATF Guide Lines

That’s right, you read the title correctly.  This is the first county we are seeing who is not only adopting (kinda because they have to ) but will be implementing the new FATF guidelines.  Thailand is a member nation of the Financial Action Task Force better known as the FATF, an international money laundering watchdog which recently issued “recommendations” that digital assets platforms monitor and report any suspicious transactions.  These new guidelines brought about by the FATF were a major milestone for the digital asset space as they will help clean up space and really start to make this new asset class legitimized.

On Monday, August 5th Pol Maj Gen Preecha Charoensahayanon spoke to the bangkokpost about digital assets and how he sees this new asset class as a new challenge to money laundering. Pol Maj Gen Preecha Charoensahayanon said:

“It will be a tool of new money laundering,” “We may not find any clue, but that doesn’t mean the wrongdoing does not occur.”


Pol Maj Gen Preecha Charoensahayanon told the Bangkok Post he plans to alter the country’s laws to bring cryptos into the AML regime, starting with the Anti-Money Laundering Act. Pol Maj Gen Preecha Charoensahayanon indicated that he would add a rule requiring digital asset exchange platforms to report activities to the AMLO, adding that such information is crucial to track laundered money over the internet.

This whole scenario plays right into what Ripple is doing and what they are set out to accomplish. We have heard so many times from Ripple employees that there is not 1 transaction that goes through RippleNet that is not KYC or AML compliant. What other digital assets can say this? Ripple is doing everything right and doing it all by the textbook. Adoption is coming sooner then we think.

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