The Department of Business Development (DBD) and the Anti-Money Laundering Office (Amlo) have amended the Anti-Money Laundering Act of 1999, which empowers authorities to seize and freeze assets linked to both Thai and foreign individuals engaged in nominee businesses and unauthorised foreign operations.
Auramon Supthaweethum, director-general of the DBD, said the amendment added key details that define nominee operations and unauthorised foreign business activities.
Thai nationals who assist or partner with foreigners in operating businesses or in holding shares in restricted sectors as outlined in the Foreign Business Act of 1999 will face legal actions under these amendments.
Meanwhile, foreigners conducting business without proper authorisation will face similar consequences, said Mrs Auramon.
With this amendment, authorities are empowered to seize and freeze assets from both Thai nationals and foreigners involved in these illegal activities. The assets will be held by the state to prevent any misuse.
She said the objective of this amendment is to discourage the use of nominees and to protect Thai individuals and businesses from becoming means for money laundering.
This initiative aims to promote transparency, create confidence in Thailand's business landscape and address the legal gaps that facilitate these crimes, said Mrs Auramon.
The amended law is available for public consultation at https://law.go.th until April 25.
Interested persons are encouraged to share their feedback on the law, which aims to strengthen Thai businesses, promote fair competition and encourage legal foreign business operations in Thailand, according to the DBD.
After the consultation period, Amlo is slated to present the draft to the cabinet for approval, before submitting it to the House of Representatives and the Senate for further consideration.
