Bankers enhance anti-money laundering skills
Bankers enhance anti-money laundering skills
The Bank of the Lao PDR (BOL) is collaborating with its development partners to take preventative action against money laundering and terrorist financing activities which may arise within the country.
Speaking at a workshop in Vientiane yesterday, the Anti-Money Laundering Intelligence Unit under the Bank of the Lao PDR’s Director General, Mr Phanthaboun Sayaphet said everyone around the world is looking at combating money laundering and finance for terrorism.
“It is timely to understand about this essential issue because the government recently announced the use of the Law on Anti-Money Laundering,” he said.
Mr Phanthaboun said the workshop participants will also learn techniques for analysing a suspected business in realtion to money laundering and investigation of the money sources.
“Money laundering is an international issue and it is a priority for every country to combat this unsolved problem because it is a serious issue and also threatens the stability of the world’s economy and finance,” he stressed.
Mr Chris Batt, a senior expert for anti-money laundering (AML) and combating the financing of terrorism (CFT) at the United Nations Office on Drugs and Crime (UNODC), was a key speaker at the workshop.
He outlined the process of money laundering that occurs in neighbouring countries and other locations around the world.
Banking officials from the BOL, commercial banks and relevant government officials also took part in the day-long workshop.
The BOL has also agreed with many regional countries in terms of information exchanges concerning money laundering and terrorism financing.
Recently the Bank of the Lao PDR and the National Bank of Cambodia also agreed to team up with each other on anti-money laundering and combating the finance of terrorism.
A memorandum of understanding for bilateral cooperation was signed by the Bank of the Lao PDR’s Anti-Money Laundering Intelligence Unit and the Cambodian Financial Intelligence Unit.
The MOU reinforces the commitment of both sides to pursue their efforts to promote exchanges of information relating to the detection and prevention of money laundering and terrorist financing.
They also agreed to provide mutual assistance to combat threats posed by financial crime, particularly with money laundering and terrorist financing in the region.
Laos’ first law on Money Laundering and Combating the Financing of Terrorism was approved by the National Assembly in July 2014 and later officially promulgated by the Lao government.
The new law strengthens the legal framework in Laos to more effectively deal with anti-money laundering and the financing of terrorism and forms part of a series of measures needed to bring the Lao PDR in line with international standards in this area. The declaration of the law will mark an important symbol as the Lao economy opens up for integration with the region and the world, especially for the World Trade Organisation and the Asean Economic Community at the end of this year.
