Power to Seize Cryptocurrencies Under the Anti-Money Laundering Act B.E. 2542 (1999)

Abstract

Money laundering is a persistent problem that exists not only in Thailand but also all over the world. Previously, forms of crime were usually not complicated, often seen as violence and related to basic factors of life. As society has developed, several forms of crime have occurred and become more complicated. The characteristics of business and technology are combined to commit an offense. By doing so, it is hard to enforce the law against those offenses. When cryptocurrency became widely known in Thailand, criminals discovered ways to commit offenses by laundering money or property connected with the commission of an offense through cryptocurrency processes to make it appear as if it is lawfully obtained property, and to evade official investigation. Since money laundering through cryptocurrency uses technology as a tool, it has either technological system or legal complexity. Moreover, there are several related laws, so it is complicated and hard to cut off the cycle of crimes. Due to the fact that the seizure of cryptocurrency, which is a digital asset, is different from other well-known kinds of property, but the Anti-Money Laundering Act B.E. 2542 has neither any specific provisions related to the confiscation of cryptocurrency, nor any amendment to make it consistent with the characteristics of cryptocurrency at present, the law related to the confiscation of cryptocurrency is still unclear about the action that the officer has or has no power to do, the meaning of cryptocurrency-related item, the seized and confiscated item, and the process of attachment. Thus, Thailand’s anti-money laundering law needs to be developed to keep abreast of the age of technology. The content of this article is to study and compare Thai laws and foreign laws, and provide recommendations related to money laundering and the confiscation of cryptocurrency to indicate the importance and solution of this problem.