What's new in business news: August 20, 2013
Recall of Japanese whitening cream that stains skin, new law on foreigner land ownership & money laundering tops 120 billion in Thailand.
Recall of Japanese whitening cream that stains skin, new law on foreigner land ownership & money laundering tops 120 billion in Thailand.
Executives of Japan's cosmetics maker Kanebo bow to apologize during a press conference in Tokyo announcing a recall of whitening cream. -- FILE PHOTO: AFP
REAL ESTATE
New law seeks to end foreign land grabs via nominee loophole
The Office of the Ombudsman is seeking support for a law to prevent foreigners illegally owning land in Thailand via nominees.
Foreigners breaking the law would face five to 20 years in prison and/or a fine of 500,000 baht to 2 million baht.
The legal consultants and nominees used by foreigners to own land illegally would face two-thirds of these penalties.
A committee to investigate "hidden" transactions would be set up and those found to be holding Thai property illegally allowed to transfer the plots to legitimate entities within one year to avoid being punished.
MONEY LAUNDERING
More than 120 billion baht laundered in Thailand
20/08/2013
More than 120 billion baht has been laundered in Thailand, and more than half of it comes from illegal gambling, the Anti-Money Laundering Office (Amlo) chief says.
While Thailand's GDP in 2011 was valued at 960 billion baht, the amount of laundered money was estimated to be about 12.16% of GDP, or about 120 billion baht.
The laundered money came from illicit businesses including gambling, counterfeiting, copyright piracy, fraud, prostitution, tax evasion, bribery, illicit arms trade, drug trafficking, contraband smuggling, human trafficking and manipulation of stocks.
COSMETICS
Japanese whitening cream stains skin
Japanese cosmetics maker Kanebo said the number of complaints about skin discolouring from using its whitening products has topped 7,000 from customers, most of them from Japan, who used creams such as "Blanchir Superior".
Last month, the company recalled 54 products containing the substance 4HPB, a synthetic version of a natural compound developed by Kanebo.
Kanebo's recall involving almost 4.75 million products on retail shelves affects Japan, Britain and 10 Asian countries: Thailand, Taiwan, Hong Kong, South Korea, Singapore, Malaysia, Indonesia, Myanmar, the Philippines and Vietnam.
The company will pay medical costs for customers left with uneven colouring of their skin.
