Thailand’s Obligations of The FATF’s International Standards Concerning on Anti-Money Laundering by Using Bitcoin
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Abstract
Money laundering is the problem affects the global economy which all states in the international community must focus and create measures to achieve the objectives of mutual prevention and suppression of money laundering. It is the good image of those state about the efficiency of capital protection which is the important factor in investor's investment decision. The result is both of internal and international economic system continue growing up. Nowadays, financial technology has evolved into the digital age, Blockchain and Bitcoin is the most interesting. Anti-money laundering laws need to be dynamic and to be adapted to situations which Bitcoin is used as a money laundering. The content of this paper is to study and compare about international law and international standard against anti-money laundering with Thailand Emergency Decree on Digital Asset Business Operation, B.E. 2561 (2018), To present the importance of the problem and analyze Thailand's obligations to such international rules, And assessing of Thailand's compliance level with international standards. Moreover, the examples of practical problem which may arise from the creation of anti-money laundering measures by using Cryptocurrencies are also explained. According to the results of the research, Thailand is one of the first countries in the Southeast Asian region to have a digital asset regulation which is responsible for regulating and protecting cryptocurrencies investments. However, there are some issues which are not compliance with the international standards on money laundering, Financial Action Task Force (FATF). Therefore, the research proposes additional legislation which based on the United States' Uniform Regulation of Virtual-Currency Businesses Act (URVCBA) as the basis.
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