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