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Legal amendments considered to make Thai nominees liable to money laundering charges

13 Sept 14:58 Key points summarised by AI

Thailand's Department of Business Development is considering amending the Alien Business Act to classify the use of Thai nominee shareholders as an offense equivalent to money laundering, aiming to curb foreign control of Thai businesses.
This initiative stems from inspections of foreign-operated wholesale companies, particularly in the Nam Hom coconut trade, suspected of using Thai nominees to suppress prices and dominate the market, severely impacting local farmers.
The Ombudsman’s Office has urged tighter controls on foreign-controlled export firms and better coordination between Commerce and Agriculture ministries to protect Thai farmers, as the nominee issue extends to various sectors beyond agriculture, including tourism.

Today 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.