An individual in my world has low-level psionic alchemy. They can (currently) determine the chemical composition of an object, and more importantly, to change it. Our character can take a medium amount of a uniform substance and transform it into another with similar properties, i.e. gold to platinum, stone to sand, water to ethanol.
Now, this character is likely to make the most use of his power as he can, and the powers that be will want to anticipate and stop him. What could this character pull off, and how could it be countered?
Edit: Our character is a good guy, but is a little self-serving and may not always act with total rationality and forethought. At most, he could affect around 30 pounds of a substance, and yes, it must be of the same state of matter.
Edit: The materials have to share observable physical properties. Gold to platinum is okay despite being far apart on the periodic table, they are both shiny, heavy metals. Sulfur and Chlorine are only one proton apart, but have very different properties, so they could not be transformed into each other.