BANGKOK (Aug 24): Thailand's finance minister said on Monday that the government will discuss proposed taxes with the Gold Traders Association of Thailand this week, saying it was part of efforts to curb illicit funds.

Thailand will consider taxes on gold trading and importing, Ekniti Nitithanprapas told reporters.

The proposed tax would not be set at a level that harms the gold trading industry, but would be designed to enable authorities to track and monitor "grey" funds, he said.

Gold traders have opposed a gold tax, warning it would hammer businesses and undermine the Southeast Asian nation's role as a major trading hub for the metal.

Fraudsters have used gold transactions to move or conceal illicit funds, Ekniti said.

The measure builds on government efforts to crack down on grey capital and illicit financial activities, he added.

Authorities will also consider closing loopholes related to digital assets to prevent illicit funds from exploiting them for money laundering, Ekniti said.

Earlier this year, the central bank introduced rules to curb online gold trades, including a daily limit of 50 million baht (US$1.5 million) per person per platform. It has also proposed cash payment limits for physical gold bar trades at gold shops.

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