Thai CIB Launches Operation Dragon Slayer
Thai CIB Launches “Operation Dragon Slayer” to Dismantle Money Laundering Network
The Thai Central Investigation Bureau (CIB) has initiated “Operation Dragon Slayer”, a comprehensive crackdown targeting over 40 Chinese-run businesses accused of money laundering via cryptocurrency and exploiting foreign tourists.
The operation stems from intelligence reports indicating a group of Chinese nationals linked to call center scams. The group allegedly used cryptocurrency, particularly USDT, to purchase properties under company names. These properties were then rented out to other Chinese tourists visiting Thailand.
The businesses reportedly offered travel packages and services, accepting payment in digital assets, foreign currency, or cash. Investigators discovered Chinese tourists residing in properties under scrutiny, including a 20-million-baht pool villa intended to be used as a rental business.
Authorities have identified over 40 similar companies operating in Chonburi that are suspected to be part of this criminal network.
Legal Warnings
The CIB has warned the public against supporting foreign nationals exploiting Thailand’s legal loopholes to establish businesses, as this could result in imprisonment and fines.
Additionally:
- Certifying False Documents: Individuals aiding in falsifying company registration documents may face charges under Section 267 of the Penal Code.
- Cryptocurrency Trading: Businesses dealing in digital assets must obtain licenses from the Securities and Exchange Commission (SEC) or risk penalties under the Digital Asset Business Law.
The operation emphasizes the government’s commitment to combating financial crimes and ensuring that Thailand is not used as a hub for illegal activities. Further investigations are ongoing to dismantle the entire network.
