Illegal activities such as drug trafficking, money laundering, and others represent a serious challenge for law enforcement agencies. Unfortunately, some of the criminal groups then started to use crypto for illegal activities. It is a big problem for the authorities.
Notably, authorities in Thailand are working hard to crack down on the country’s drug networks as well as ruses they use to launder their multi-million dollar turnovers including cryptocurrencies. Based on the information provided by the lieutenant- General Wissanu Prasarttong-Osoth, it is impossible to guess the real amount these drug networks are making and it is hard not to agree with him. Importantly, he serves as an assistant to Thailand’s police chief.
Moreover, their profits fuel a secondary economy of laundered drug-related assets that encompass cryptocurrency, luxury commodities as well as overseas real estate.
According to the country’s Justice Minister Somsak Thepsuthin, authorities identified irregular flows in bank accounts worth $5.4 billion. Authorities are confident that close to $400 million is related to drug funds.
Illegal activities and crypto
Crimes related to drugs continue to dominate the headlines. It is not surprising, as based on the information provided by the United Nations Office on Drugs and Crime meth lords turn over a staggering $30-60 billion each year.
It is worth noting that, meth is produced in a region called the “Golden Triangle”. This region includes parts of northern Thailand, Laos, Myanmar, and China.
Thai authorities want to tackle drug-related assets laundered through the banking system. Moreover, crypto accounts, and raw materials for the construction industry.
Interestingly, Thailand is reportedly cooperating with the U.S. Drug Enforcement Agency to learn more about the Latin American cartels. Thanks to this information, it will be easier to fight against drug networks in Thailand.
Authorities in Thailand as well as in the neighboring countries should work together to identify drug-related crimes.