Preventing and Suppressing Nominees is an Act to Consider Concealed Transactions the Land for Foreigners in Thailand

Abstract

Abstract

Background and Aims: This case study the case of nominee of foreigners The objectives are: 1) To Study and analyze the nature and pattern of transactions in Thailand using nominee 2) To study the criminal law related to transactions using nominee in Thailand. 3) To determine guidelines for improving and amending the criminal law regarding nominee, including those who support the creation of nominee.

Methodology: This study is a study of related documents and research. Analyze and present according to educational objectives.

Results: From the results of the study, it was found that 1) There should be an amendment to the definition of "foreigner" in the Foreign Business Act B.E. 2542 to include: A juristic person in which a foreigner has the authority to control the business or the domination of the foreigner and the juristic person shall be considered to be a foreign juristic person. 2) Add the definition of “Nominee” to the Land Code to make it clearer. It is clear in land ownership that “Land ownership of Thai nationals or juristic person Thai nationality instead of a foreigner by concealing the name of the real owner which is foreigner, is considered to be an act by a nominee” and is an act that violates criminal law 3) Land held illegally the disguised agents of the foreigners will be confiscated as property of the state. Aliens who use camouflage agents to own land, camouflage agents who have Thai nationality, and who provide support, advice, and assistance are punishable by imprisonment from 10 to 20 years and a fine of at least 2,000,000 baht. Those who provide information about the act Those who are wrong will receive a 50 percent reward from the fine, and in cases where the person giving information participates in the wrongdoing, they will be exempted from the punishment for such wrongdoing.

Conclusion: In terms of guidelines for preventing and suppressing camouflaged agents (Nominees), there should be an inspection starting from the registration of the legal entity. Before registering the legal entity, documents issued by the bank must be examined to certify or show the financial status of the partners or Thai shareholders who invest or hold shares in a legal entity together with foreigners To show credibility that such people have the financial status to invest on their own, and once registered, there should be an annual inspection project by selecting risk groups and setting policies for the Department of Business Development and the Revenue Department to work together to inspect taxes and funds used to invest in business, leading to more income from tax collection entering Thailand.