Thailand Vows to Crack Down on Narco Profits Stashed in Commodities and Crypto

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Thailand Vows to Crack Down on Narco Profits Stashed in Commodities and Crypto

Thai authorities are ramping up their efforts to crack down on the country’s drug networks and the ruses they use to launder their multi-million dollar turnovers — including cryptocurrency.

AFP News reported on June 26 that the recent downfall of one meth syndicate — itself allegedly responsible for laundering tens of millions of dollars of narco profits via gold dealers, oil and the construction industry — has cast a spotlight on the "scale and sophistication” of such networks.

Lieutenant-General Wissanu Prasarttong-Osoth — assistant to Thailand's police chief —  has conceded “it's impossible to guess the real amount these drug networks are making."

Their profits fuel a secondary economy of laundered drug-related assets that span cryptocurrency, luxury commodities and overseas real estate.

Thai Justice Minister Somsak Thepsuthin has said that authorities identified “irregular” flows in bank accounts worth $5.4 billion, of which they are confident that close to $400 million is drug funds.

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