The plan by Future Forward Party leader Thanathorn Juangroongruangkit to voluntarily transfer his assets to a so-called "blind trust" prior to becoming an MP is a welcome move, even though it is no magic bullet to avoid potential conflicts of interest.
However, what Mr Thanathorn is offering is a way to improve the transparency of members of the next cabinet and parliament. Thailand should do more on this front for all holders of public office.
Conflicts of interest have been rampant even though there are laws and regulations that prevent public office holders from using their influence or decisions to benefit themselves.
For instance, they have to report their personal assets to the National Anti-Corruption Commission (NACC) before and after taking office. Cabinet members are forbidden from holding more than 5% stakes in companies. If they do, they must transfer the stocks to a private fund operating independently from them.
However, many public office holders have found their ways to exploit their positions.
For example, the NACC has exempted members of the National Council for Peace and Order from the asset-disclosure regulation, which has prompted fierce criticism from the public.
Ousted prime minister Thaksin Shinawatra was previously accused of "policy-oriented corruption", as his governments made decisions that were seen as benefiting his family's telecom business, Shin Corporation. Thaksin also transferred his shares to nominees, a driver and a domestic helper, prior to becoming premier in 2001.
Others have opted to comply with the law. Over the past two decades, at least 15 ministers and prime ministers have transferred their fortunes to private funds where they have no control or influence over them. But there is no information available confirming that the private funds were "blind", as Mr Thanathorn has pledged to do.
Thailand does not have laws governing blind trusts -- agreements to have someone's financial affairs managed by trustees without the owners knowing what assets are being sold or bought.
On Monday, Mr Thanathorn said he would set a new standard for businessmen-turned-politicians by becoming the first to use a blind trust with conditions attached that his trustee will not buy Thai stocks and the funds will be returned to him three years after he leaves office, a year longer than international standards.
While Mr Thanathorn has offered measures more transparent than the requirements under the law, it is unfortunate that his plan has been attacked by some who accuse him of falsely claiming that he would be the first to use a blind trust.
Some also speculated that it could be a ploy to shield his assets from public scrutiny. In fact, a blind trust arrangement would still be regulated by the Securities and Exchange Commission and the Revenue Department. It would also be subject to the NACC's asset-declaration regulations.
However, it is true that there is no guarantee that a blind trust can effectively prevent policy corruption. For example, even if Mr Thanathorn's blind trust buys only non-Thai shares, there could still be government policies that affect international companies such as changes to tariffs, and conflicts of interest issue could arise.
What we really need is a commitment by all elected politicians to be as transparent as possible over their asset holdings and for the laws and regulations on avoiding conflicts of interest to be far stricter.