TLDR Thailand is considering a 0.01% tax on gold transactions to fight money laundering tied to organized crime and illegal gambling. The Bank of Thailand supports the proposal and wants better tracking of gold transactions nationwide. BOT already requires reporting on physical gold withdrawals of 2kg or more, cutting large withdrawal requests sharply. Thailand’s illegal gambling market is estimated at 1.1 trillion baht, or £25.1 billion, per year. The Financial Action Task Force released a report on money laundering risks tied to online gaming and casinos.
Thailand is looking at a new tax on gold transactions. The plan would apply a 0.01% tax on all gold purchases and sales in the country.
The goal is to fight money laundering linked to organized crime. Illegal gambling is one of the main targets of this effort.
Several financial institutions in Thailand have backed the idea. They say the tax would create a clearer record of gold transactions across the country.
Gold has long been a tool for hiding illegal money. A transaction tax would force more of these trades into the open.
Bank of Thailand Expands Information Sharing
The Bank of Thailand, known as BOT, is one of the main supporters of the tax. The central bank wants more transparency across the financial system.
BOT plans to improve how banks share information with each other. This includes commercial banks, state-owned banks, and foreign banks operating in Thailand.
The bank also wants to share relevant data with government authorities. The idea is to give officials better tools to spot criminal activity early.
BOT Governor Vitai Ratanakorn described the past 11 months of work as connected parts of one larger plan. He said the industry is now being brought together under a single approach.
The gold tax is part of that