Legislation urged to regulate use of Thai nominees by foreign businesses

13 Sept 08:32 Key points summarised by AI

Ombudsman Songsak Saicheua urges immediate legislation to tighten controls on foreign businesses using Thai nominees, citing widespread use and potential national security threats.
The practice is rampant across diverse sectors, including real estate and durian plantations, with specific cases of Chinese businessmen using nominees and links to criminal activities like money laundering.
Proposed amendments to the Alien Business Act include redefining "alien" and "nominee acts," increasing penalties to 7 years imprisonment for both parties, and confiscating land acquired through nominees.
The ombudsman clarifies that companies effectively controlled by foreigners, regardless of minority ownership, will be classified as foreign companies under the proposed changes.
He recommends elevating the issue to the national agenda and involving the Law Council to educate foreign companies on the legal consequences of using nominees.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.