Thailand Targets Illicit Nominee Businesses and Mule Accounts

[webfact]

Reference photo courtest: BDO

 

The Thai government has launched a robust campaign against nominee businesses, prosecuting 820 cases linked to nearly 12.5 billion baht (£272 million) in damages. These actions primarily target enterprises where Thai nationals hold shares on behalf of foreigners, sidestepping the Foreign Business Act.

 

Deputy government spokeswoman Sasikan Wattanachan revealed that multiple agencies, including the Royal Thai Police, Bangkok Metropolitan Administration, and other key departments, are spearheading the crackdown.

 

This extensive operation aims to dismantle networks that illegally utilise Thai citizens as proxies, particularly in the tourism sector in regions such as Bangkok, Phuket, and Prachuap Khiri Khan.

 

Nominee businesses across various sectors, including online marketplaces, real estate, and land transport, have been identified. This crackdown isn't limited to nominee firms; efforts also focus on the trade of substandard goods and other unlawful practices.

In addition, the government is addressing the issue of mule accounts—accounts used to facilitate illegal transactions. The Anti-Online Crime Operation Center has flagged over 204,000 individuals as potential mule account holders.

 

This list, dubbed HR-03, includes both Thai and foreign nationals and has been forwarded to the Central Investigation Bureau, the Anti-Money Laundering Office, and the Department of Special Investigation for action.

 

Authorities believe these mule account holders are connected to 1,159 businesses suspected of engaging in illegal activities or holding such accounts.

 

The operation underlines Thailand's commitment to enforcing business regulations and ensuring a fair economic environment. Ms Sasikan emphasised the government's resolve to root out nominee businesses, halt the distribution of inferior imports, and swiftly close foreign companies operating outside legal bounds. This sweeping initiative aims to bolster economic integrity and protect consumer interests across Thailand, reported Bangkok Post.

 

-- 2025-02-13

 

 

[PETERTHEEATER]

4 hours ago, webfact said:

.........revealed that multiple agencies, including the Royal Thai Police, Bangkok Metropolitan Administration, and other key departments, are spearheading the crackdown.

Not so much a 'spearhead' as a battering ram.

[Marco100]

Simply stop Foreigner have the possibility to become share holders and / or Directors in Thai Companies who operate in Thai Only Business . 🤔 ( No Foreigner can be Director or have shares in Restaurants , Tour Business , All the list of Thai Only activities ....) This would reduce drastically the Foreigner investment in those activities .

 

[jippytum]

There should be a crackdown on the Thai officials  and agents that took bribes to sanction these illegal buisnesses. 

 

[John Drake]

Had the government not extended and eased visas for Chinese and Russians, would this even be a problem?

[TheFishman1]

Yeah how many foreigners on houses through a corporation TIT

[hotchilli]

9 hours ago, webfact said:

The Thai government has launched a robust campaign against nominee businesses, prosecuting 820 cases linked to nearly 12.5 billion baht (£272 million) in damages. These actions primarily target enterprises where Thai nationals hold shares on behalf of foreigners, sidestepping the Foreign Business Act.

Thais helping dodgy businesses?

[Felt 35]

3 hours ago, Marco100 said:

Simply stop Foreigner have the possibility to become share holders and / or Directors in Thai Companies who operate in Thai Only Business . 🤔 ( No Foreigner can be Director or have shares in Restaurants , Tour Business , All the list of Thai Only activities ....) This would reduce drastically the Foreigner investment in those activities .

 

methinks this campaign stops when the money flow stops to the facilitators