The Thai authorities have come down to seek on drug networks and its methods to launder the profits including cryptocurrency.
The authorities are pouring all efforts to crack the network of drug users and the methods to launder the multimillion-dollar turnovers which mainly composed of crypto.
During the last week of June this year, one meth syndicate held responsible for laundering millions of dollars from narco profits via gold dealers and in the oil and construction industry. The said profits fuel an economy of laundered drug-related assets in crypto, luxurious commodities, and real estate overseas.
They have been identified because of irregular flows in bank accounts that amounted to $5.4 billion and the 400 million dollars came out to be drug funds.
Thai law enforcement has pledged to up their game and focus on drug-related assets that have been laundered through the local banking system. Cryptocurrency accounts and raw materials listed in the construction industry are also being looked at.
In a region known as the “Golden Triangle” includes areas like Thailand, Laos, China, and Myanmar. This is where the meth is being produced by Sam Gor, a Chinese criminal syndicate that controls 40% of the region’s meth.
Thailand has been cooperating with the USDA to learn the expertise in tracking the drug proceeds by Latin American cartels.
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