When it comes to mules, Thailand is kicking ass. Thai financial authorities have charged over 800 people with money laundering and shut down over 130,000 “mule” accounts during the past three months dealing a serious blow to organized crime and particularly targeting scammers in the crypto industry. 

A mule account is a bank account used by criminals to transfer or launder illicit funds. The account may have been opened by a member of criminal gang or be owned an associated person who is unaware the money being moved is used for criminal activities.

Closing mule accounts is part of the Thai government’s crackdown against fraud, scams and other illegal activities, particular those that make use of the Thai financial system. Thailand’s record in pursuing money launderers had improved markedly during the past two decades and been praised by global law enforcement.

The action was initiated by the Securities and Exchange Commission. Pornanong Budsaratragoon, Secretary-General of the Commission, told local papers that the regulator has worked been working closely with the Thai Digital Asset Operators Trade Association and digital asset business operators to detect and shut down digital asset mule accounts.

She added that laws are being revised to more effectively combat cybercrime and mule accounts to ensure safer financial transactions for the public and strengthen efforts to tackle online fraud. A safer more trustworthy environment for transactions would also benefit the crypto industry and support its growth in Thailand.

The issue of mule accounts and money laundering gained prominence recently because of the rise of online and telephone scam operations located in neighboring countries and run by transnational organized crime groups.

Although the scam centers are situated in foreign countries, Thai investigators found that the criminals running them have been making use of Thailand’s banking and financial system and other Thai infrastructure such as telecoms and electricity.