Govt to amend money laundering law to seize nominees’ assets

Thailand to amend money laundering law to seize assets of foreign firms using Thai nominees, with 46,000 firms under investigation.

Deputy Commerce Minister Napintorn Srisunpang announced on Tuesday that the government plans to amend the Anti-Money Laundering Act to empower authorities to seize assets of unlawful foreign firms using Thai nominees as major shareholders.

New Amendment Bill to Criminalise Use of Thai Nominees and Allow Asset Seizure

Napintorn explained that the amendment bill will classify the use of Thai nominees as a criminal offence under the Anti-Money Laundering Act, with penalties including asset seizure of such firms.

He added that the amendment bill is scheduled to be submitted to the Cabinet for consideration and approval within two months before being forwarded to the House of Representatives.Accelerated Legislative Process Proposed for Amendment Bill

The deputy minister said he would propose that the House pass the bill in three consecutive readings, using the entire House as the committee to vet the bill after the first reading.

Following approval in the House, the bill would then be submitted to the Senate for passage through three consecutive readings as well, Napintorn added.

Bill Expected to Eliminate Use of Nominees Within One Year

He expressed confidence that the bill would enable authorities to eradicate the use of Thai nominees by foreign firms attempting to circumvent the Alien Business Act within one year.Currently, Napintorn said the crackdown has been ineffective, as existing laws only require unlawful firms to sell their businesses, but buyers often become nominees for the original foreign owners.

Investigation of 46,000 Suspected Nominee Firms Underway

Napintorn proposed the legal amendment after the Commerce Ministry identified around 46,000 Thai firms nationwide suspected of acting as nominees for foreign investors.

He said the ministry has requested assistance from the Interior Ministry to investigate these suspected firms. The Interior Ministry has established provincial committees, chaired by provincial governors, to carry out the investigations.

Probes May Take Several Months Depending on Province Size

Napintorn noted that investigations could take at least three months in smaller provinces, and potentially longer in provinces with a higher number of suspected firms.

(2025/05/27-00:00)