Thailand Cuts Foreign Nominee Companies by 82%
Thailand cut foreign nominee company registrations by 82% in August, dropping to 163 from 894 a year earlier, as authorities intensified crackdowns on illegal foreign business operations and money laundering networks.
Government spokesman Ekapop Piyapiset announced significant progress in an integrated crackdown on foreign capital using Thai nationals as nominees and illegal foreign business operations. The Department of Business Development reported that registrations of high-risk nominee companies fell 81.77% in August, dropping to just 163 from 894 in August of the previous year. The Financial Action Task Force also approved seizure and freezing of additional assets in cases involving the networks of Yim Leek and Ben Smith, adding 34 more items worth approximately 8,269 million baht, bringing total seized assets in these cases to 102 items valued at roughly 20,392 million baht as part of ongoing efforts against money laundering and transnational crime. The Prime Minister has ordered a sweeping crackdown against individuals and groups exploiting legal loopholes to use Thai nominees or conduct unlawful business. The government welcomes legitimate investment while closing doors to illegal operations, and supports legitimate foreign entrepreneurs and investors who contribute to Thailand's economy. Thai law is applied equally to all people in Thailand under Thai legal principles, with no nationality receiving special privileges; those conducting illegal business or committing offenses that violate others' rights or disturb public peace and morality will face enforcement by authorities and police according to the law.
