New anti-money laundering law to boost business environment
New anti-money laundering law to boost business environment
The Lao government is disseminating the new law on anti-money laundering to more effectively deal with this problem and the financing of terrorism ahead of the Asean Economic Community (AEC) by the end of this year.
The dissemination of the legal framework in Laos is needed to meet international standards and attract more foreign investors.
To support the efforts being made on economic integration, the British Embassy in Laos is cooperating w ith the Bank of the Lao PDR (BOL) to spread the new law's message on anti-money laundering and the financing of terrorism at a day-long seminar in Vientiane yesterday.
During his co-chairing at the seminar, British Ambassador to Laos Mr Philip Malone said “We at the British Embassy in Laos are very keen to cooperate with agencies of the Lao government in the areas of anti-money laundering and countering 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.
Mr Malone also added that security and certainty will be key factors for investors when it comes to investment decisions.
Head of BOL's Anti-Money Laundering Investigation Unit, Mr Phanthaboun Sayaphet also co-chaired the seminar.
Officials from relevant government bodies, the banking sector and juristic personnel attended.
The seminar forms part of a package of support by the UK government with a focus on assisting the Lao government's anti-money laundering efforts.
At the same time, the UK government also aims to work with relevant partners to promote an improved business environment in Laos and a rules-based international economic system.
The first new law in Laos on anti-money laundering and the financing of terrorism, was approved by the National Assembly (NA) in July last year, and was promulgated by the President of Laos via decree No.012 in February this year.
Members of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism recently met in Vientiane to discuss the urgent issues in relation to money laundering.
Deputy Prime Minister Dr Bounpone Bouttanavong, who is in charge of the macro-economic and service sectors, presided over the meeting.
Dr Bounpone said “Laos considers anti-money laundering and combating the financing of terrorism a critical task.”
He also noted that the country has taken a strong stand in the battle against financial crimes over recent years.
Laos became a member of the Asia-Pacific Group on Money Laundering (APG) in 2007 and the government also gave the green light for the BOL to establish an anti-money laundering intelligence unit.
In addition, the government issued juristic acts on anti-money laundering and combating the financing of terrorism, for example Article 64 of the Criminal Law regarding money laundering in 2005 and the decree on anti-money laundering in 2006.
In 2010, Laos was evaluated by APG relying on recommendations of the Financial Action Task Force, with the report adopted in July 2011, according to the bank.
