In an effort to combat foreign nominee ownership structures, Thailand’s Justice Ministry has intensified collaboration with several agencies, including the Department of Special Investigation (DSI), the Department of Business Development (DBD), and the Anti-Money Laundering Office (AMLO). On May 20, a high-level meeting took place at the Ministry of Justice in Pattaya, led by Pol. Lt. Gen. Saipetch Srisang, an advisor to the Justice Minister. Representatives from various governmental bodies, including the Ministry of Finance and business registration authorities, participated in the discussions.
The focus of the meeting was to enhance regulatory frameworks concerning legal and accounting professionals who may be complicit in enabling nominee structures, which typically involve Thai nationals obscuring foreign ownership of businesses. This issue has garnered increased attention, particularly in popular tourism and investment regions such as Phuket and Surat Thani, including Koh Samui and Koh Phangan, where foreign-linked businesses are under heightened scrutiny.
Officials reviewed ongoing investigations and the intelligence surrounding potential abuses of professional services tied to company formations that may infringe upon Thai business and land ownership laws. The agencies underscored the importance of coordinated data sharing, financial tracking, and expedited referral processes for criminal investigations when wrongdoing is suspected. Under the proposed guidelines, instances where lawyers or accountants facilitate nominee structures will lead to their cases being submitted to their respective professional councils for disciplinary measures, alongside any potential criminal charges. Officials reiterated the necessity for all professional organizations to uphold ethical standards and legal compliance, warning that strict enforcement actions will be taken against confirmed violations.
Source: Pattaya Mail
