The Department of Business Development has passed data on 36,277 foreign co-invested companies holding land and condos to the Lands Department, DSI, AMLO, BOI and others for checks on nominee arrangements. The DBD says the data is not proof of nominee activity by itself. If your business has foreign shareholders or works with a foreign partner, check that your shareholding, land use and any BOI conditions match your registration papers. Accounting firms have also been warned not to set up nominee companies.