Thailand Proposes Gold Trade Reporting Rules in Anti-Money Laundering Push

Thailand’s Revenue Department wants major gold businesses to provide transaction records, citing difficulties tracing money and concerns that criminals are using the sector to launder funds.

The proposal is open for public comment until November 25, saying the information is urgently needed to support government efforts against suspicious financial activity.

The department’s consultation paper outlines a requirement for additional accounting records and reports to the tax authority. One suggested eligibility test would cover businesses registered in Thailand with total revenue of THB10 billion (approx. $295 million) or more in the 2025 tax year.

The department says better access to transaction information would assist tax enforcement as well as investigations into illicit money. Limiting reporting to larger operators is intended to contain the compliance burden on smaller firms.

The records would help authorities distinguish people buying gold as savings from those trading commercially or seeking profits, as well as support action against fraudsters.

However, traders covered by the rules could face higher costs to upgrade applications or trading systems to store and submit data.

The paper also acknowledges possible consequences for customers. Anxiety about personal income tax when selling gold could lead savers to put their money elsewhere, affecting the domestic market.

No implementation date is specified in the consultation document.