Laos, UK partner to combat money laundering
Laos, UK partner to combat money laundering
The UK government is supporting the efforts of the Lao government to combat money laundering as it can also be an essential key to promoting an improved business and investment environment in Laos and a rules-based international system.
A package of support from the UK government was used to co-host a five-day workshop to further strengthen Lao capacity in investigating money laundering and the financing of terrorism.
The British Embassy in Laos and the Ministry of Public Security jointly supported the workshop.
British Ambassador to Laos, Mr Philip Malone, and Deputy Director of the General Police Department under the Ministry of Public Security, Colonel Thonglek Mangnomek, yesterday co-chaired the opening ceremony of the workshop.
In his opening remarks Mr Malone said “We've been very keen at the British Embassy to develop our cooperation with agencies of the Lao government in the area of anti-money laundering and counter-terrorist financing.”
“We strongly believe that having a well-regulated, transparent and well-policed financial sector is vitally important to a successful and well-run economy,” he said, adding that investors want to have security and certainty when they consider investment decisions.
Last year the National Assembly of Laos passed legislation in this area which was a positive and important step but it is necessary to make some adjustments in implementing the legislation to ensure full compliance with Financial Action Task Force recommendations.
“It is clear that Laos is committed to meet its international obligations and is moving in the right direction on these issues,” Mr Malone said.
Experts from the UK's National Crime Agency and the UN Office on Drugs and Crime are leading the five-day course, which focuses on building investigative techniques to prevent and combat money laundering crime in Laos.
Officials from various departments and the Police Academy under the Ministry of Public Security are participating in the workshop.
The event will be able to assist Laos in meeting its Financial Action Task Force objectives by showing that investigative capacity is being built to use new legislation designed to combat and prevent financial crime.
The training materials developed for the course will be handed over to the People's Police Academy and other relevant departments of the Ministry of Public Security so that an Anti-Money Laundering and Combating the Financing of Terrorism module can be included in the training of all future police officers in Laos.
The invited experts will come up with several interesting and useful issues, including investigation case planning and organisation, practical exercises and other interaction with international partners.
The UK has also been working closely with the Bank of the Lao PDR to provide training courses and soon a course on financial analysis skills will be arranged for banking staff.
