Lao central bank promotes anti-money laundering law
Lao central bank promotes anti-money laundering law
The Bank of the Lao PDR is publicising the Law on Anti-Money Laundering, which aims to combat the financing of terrorism, to ensu re the law is understood and implemented uniformly.
The Money Laundering Intelligence Unit yesterday held a meeting at the Banking Institute in Vientiane to explain the law.
The meeting was chaired by the Head of the Unit, Mr Phanthaboun Sayaphet, and attended by representatives from 18 ministries and educational institutions.
The meeting informed participants about the content of the law so that it would be implemented effectively.
The Law on Anti-Money Laundering and Combating the Financing of Terrorism was passed by the National Assembly in July last year and became official with the issuing of a presidential decree on February 24, 2015.
The law aims to strengthen the economic and financial system, create a stable and orderly social environment, and enhance international cooperation in combating and deterring money laundering.
Over the past decade, money laundering and the funding of terrorism have been issues of international debate. Financial crimes are harmful not only to economic development but also to security.
Many countries have introduced measures to combat and reduce financial crimes.
Laos is also taking part in the battle to stem financial crimes.
The decree on anti-money laundering gave the green light for the Bank of the Lao PDR to create a taskforce to tackle financia l crimes.
In 20 07 , the bank became a member of the Asia-Pacific Group on Money Laundering.
However, the group proved to be a paper tiger due to the lack of legal backing and Laos' capacity to combat financial crimes remained low.
The Bank of the Lao PDR is now hopeful of gaining more support in fighting financial crimes after obtaining legal backup from various local and international co mmittees.
