Ministries Collaborate to Tackle Nominee Practices in Thailand

Bangkok: The Ministry of Commerce and the Ministry of Interior have announced a collaborative effort to combat the use of nominees in business and land ownership in Thailand. Ms. Supajee Suthamphan, Minister of Commerce, and Mr. Polpeera Suwannachavi, Deputy Minister of Interior, are spearheading this initiative, which aims to establish a permanent team dedicated to identifying and addressing nominee practices. According to Thai News Agency, the collaborative effort will involve linking databases from the Department of Business Development, the Department of Provincial Administration, and the Department of Land. This integration will facilitate the verification of information related to company registrations, changes in shareholder structures, and land ownership. The focus is on reviewing historical data to ensure compliance with legal requirements and prevent evasion through structural changes. General Peerapong emphasized that the retrospective investigations will extend beyond current company structures. The Department of Business Development has been requested to provide historical data on shareholder changes, particularly for companies suspected of nominee practices. The objective is to protect Thai businesses and land from foreign entities using Thai nationals as proxies. The initiative also aims to hold accountable any parties involved in facilitating nominee practices, including accounting and law firms. Government officials found to be complicit will face prosecution. The Ministry of Commerce and the Ministry of Interior plan to maintain this collaboration as a long-term effort to close loopholes and ensure legal compliance in business and land ownership throughout Thailand.