Govt boosts juristic acts against money laundering
Govt boosts juristic acts against money laundering
Deputy Prime Minister Dr Bounpone Bouttanavong noted recently that the juristic acts to combat money laundering and the financing of terrorism play an important role for Laos in tackling and preventing any incidence of the illegal movement of money.
“Many countries around the world are now eying anti-money laundering and combating the financing of terrorism because it is a threat for national security, while Laos is also working hard to form a legal process for this international issue,” he said.
Speaking at the 3rd Ordinary Session of National Committee for Anti-Money Laundering and Combating the Financing of Terrorism, Dr Bounpone, who is also Chairman of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism, said world economic development is seemly on the rise and technology has also advanced.
“Beyond the advance of technology and steady growth of economic development, it can be a loophole for opportunists to carry out illegal activities, especially for money laundering and financing for terrorism,” he said.
He went on to say that there has been no such case found in Laos but many legal processes have been endorsed and disseminated over the past years.
The forms of criminal law regarding money laundering will be an important evidence for Laos to use as a tool for juristic acts against any money laundering and combating the financing of terrorism.
The meeting also highlighte d the past achievements of implementing the tasks of the 2nd Ordinary Session and proposed the drafting of an order on confiscating funds for terrorism and advice on reporting suspected acts of money laundering.
Over the past years, Laos has been actively scrutiniseing the tasks of money laundering and combating the financing of terrorism under the international standards, relying on the recommendations of the Financial Action Task Force (FATF).
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 Bank of the Lao PDR (BOL) to establish an anti-money laundering intelligence unit.
In 2010, Laos was evaluated by APG relying on recommendations of the Financial Action Task Force, with the report adopted in July 2011.
Meanwhile the government issued juristic acts on anti-money laundering and combating the financing of terrorism, especially for the Criminal Law regarding money laundering in 2005 and the decree on anti-money laundering in 2006.
In the future, the Lao government, especially the BOL, is also prep aring the formal transformation of the anti-money laundering intelligence unit into the anti-money laundering intelligence agency in order to broaden its rights and role in the field of anti-money laundering.
By doing so, it will strengthen the growth of the Lao economy, social security and also boost the expansion of international cooperation efforts in this regard.
