Thailand’s government will form a special task force to trace suspicious financial flows linked to online gambling, scam networks, and other illicit transactions that may be driving the baht’s unusual strength, according to a Bloomberg report.
Finance Minister Ekniti Nitithanprapas said on Wednesday that the new “data bureau” will synchronize information across government departments and financial institutions to identify irregular transfers and track the ultimate recipients of questionable funds. “We will not fix this on a case-by-case basis, but will update the standards for detecting suspicious flows,” Ekniti told reporters, adding that the system should be operational by December.
Prime Minister Anutin Charnvirakul has tasked Ekniti with leading the initiative in cooperation with the Bank of Thailand and other agencies under a “Connect the Dots” framework aimed at improving oversight of irregular capital movements. The task force will also investigate whether these flows have contributed to the baht’s resilience despite Thailand’s sluggish economic performance.
Anutin pledged full government support for the crackdown, describing it as an “all-out war” on financial crimes. He said his administration has “signed a blank check” to empower authorities to dismantle networks involved in scams, human trafficking, and drug smuggling.
Ekniti explained that “gray money” often circulates through cryptocurrency platforms, informal cash networks, currency exchanges, and gold markets. Once funneled into Thailand, these funds are typically laundered through high-value assets such as real estate, gold, diamonds, and luxury vehicles.
The government also intends to modernize its monitoring framework for suspicious transactions and align local rules with global standards set by the Financial Action Task Force (FATF). Separately, the Bank of Thailand announced this week that commercial lenders must enhance their due diligence processes to detect and report unusual transfers, reflecting the broader national effort to tighten financial surveillance.
Meanwhile, Thailand is also seeking to revive its tourism sector, particularly by attracting more Chinese visitors. According to government spokesperson Siripong Angkasakulkiat, visible positive results are expected “within one or two months,” as Bangkok banks on a moral pledge to keep gambling illegal in exchange for Beijing’s goodwill.
Prime Minister Anutin recently reaffirmed to President Xi Jinping during the Asia-Pacific Economic Cooperation meetings in South Korea that Thailand remains firmly opposed to legalizing casinos. The reassurance reportedly prompted Xi to agree to internal discussions on boosting Chinese tourism to Thailand. The government anticipates that the upcoming Lunar New Year in February will bring a seasonal rebound in arrivals, after a slump in Chinese visitors earlier this year.
