Deputy Prime Minister and Minister of Commerce Suphajee Suthamphan presided over the signing ceremony at Government House on Wednesday (Apr 29), describing the agreement as a decisive step towards eliminating illegal business practices that have long undermined the country’s economy.
The ceremony was attended by Chaiyanok Chidchob, Surasak Panjaroenvorakul and Pattana Promphat, among other senior officials.
Speaking after the signing, Ms Suphajee said the initiative was launched under the directive of Prime Minister Anutin Charnvirakul, and framed under the policy concept “Healing Economic Cracks, Jointly Combating Nominees”.
“This is not merely a symbolic activity, but a declaration of shared intent to safeguard the national economy,” she said.
Nominee arrangements ‒ where Thai nationals are used as proxies for foreign business ownership in restricted sectors ‒ alongside illicit financial flows, have long been identified by authorities as major threats to fair competition, national security and investor confidence.
Ms Suphajee said the new framework would focus on three core measures: integrating data across agencies, strengthening monitoring and enforcement mechanisms, and boosting confidence among both domestic and international investors.
Under the agreement, agencies will link databases covering financial transactions, land ownership and asset holdings, enabling authorities to more effectively detect irregularities and track suspected illegal activity.
A joint enforcement mechanism will also be established to ensure serious legal action is taken against offenders, with Ms Suphajee stressing that authorities would no longer tolerate leniency or interference in prosecutions.
“We do not want to hear about exemptions from arrest or cases being covered up,” she said. “The law must be enforced to its fullest extent.”
The MoU also aims to signal to the international community that Thailand is committed to transparent and lawful business practices, positioning the country as a reliable investment destination.
“This is about transforming illegitimate trade and investment into legitimate practices, and moving from concealment to transparency,” Ms Suphajee added.
Participating agencies include key economic and enforcement bodies such as the Bank of Thailand, Royal Thai Police, Anti-Money Laundering Office, Department of Special Investigation, Department of Business Development, and the Securities and Exchange Commission, alongside the Stock Exchange of Thailand and the Thai Bankers Association.
Other participating bodies span a wide range of sectors, including tourism, land management, taxation, industrial regulation and environmental protection, reflecting what officials described as a “whole-of-government” approach.
The Ministry of Commerce noted that nominee structures and illicit capital flows have been persistent obstacles to Thailand’s economic development, distorting competition and enabling illegal enterprises to operate under the guise of legitimate businesses.
Ms Suphajee acknowledged that the ministry alone could not tackle the issue, noting its primary role as a business registration authority. However, she said the Department of Business Development had already been instructed to tighten scrutiny and block attempts by foreign operators to register companies using Thai nominees.
The new MoU is expected to close enforcement gaps, strengthen inter-agency coordination and prevent Thailand from being used as a base for economic crimes.
Officials said the initiative aligns with growing international expectations for transparency and anti-corruption measures, which are increasingly influencing global investment decisions.
The government expressed confidence that the coordinated effort would enhance Thailand’s credibility, protect legitimate businesses and create a more level playing field for Thai entrepreneurs, while deterring those seeking to exploit legal loopholes for illicit gain.