Bangkok: The Ministry of Commerce has announced a significant initiative in collaboration with 23 agencies to combat the use of nominees and illicit funding, aiming to address and resolve economic vulnerabilities within the country. This strategic partnership, under the banner "Healing Economic Cracks, Jointly Combating Nominees," was formalized during a memorandum of understanding (MOU) signing ceremony led by Deputy Prime Minister and Minister of Commerce, Ms. Supajee Suthamphan.

According to Thai News Agency, Ms. Supajee emphasized the collective commitment of all 23 participating agencies to prioritize the enforcement of laws against nominees and unauthorized capital. The presence of such elements has been identified as a substantial impediment to the country's economic potential. The MOU signing marks a continuation of efforts that began in October of the previous year, characterized by stringent enforcement and arrests. The strategy focuses on preemptive measures, beginning with the Department of Business Development, which oversees more than 980,000 registered legal entities. The initiative prioritizes the identification and exclusion of high-risk individuals from the system, with data integration across all agencies to pinpoint high-risk companies.

The collaboration aims to safeguard Thai entrepreneurs from unfair competition posed by foreign entities circumventing legal stipulations. The joint effort is expected to mitigate potential harm to the country's economic and trade framework, while promoting legal and equitable business practices for foreign investors in Thailand. The event signifies more than just a formal agreement; it represents a concerted effort to fortify the economic foundation, ensure legal compliance, and promote transparency in business operations. By transforming illegal trade and investment practices into legitimate ventures, the initiative seeks to foster a business environment grounded in fairness and transparency.