BOL, Taxation Dept sign information exchange cooperation
BOL, Taxation Dept sign information exchange cooperation
Laos looks set to promote and disseminate the law on anti-money laundering and preventing the financing of terrorism as part of raising the credibility of the financial and banking sectors to attract more foreign investors and customers.
As part of the government's effort to boost transparency in the fields of finance and banking, the Anti-Money Laundering Investigation Unit under the Bank of the Lao PDR (BOL) has signed a memorandum of understanding (MOU) with the Taxation Department of the Ministry of Finance.
The MOU represents a key reference to the recognition of the need for exchanging necessary information in relation to financial activities as well as anti-money laundering and preventing the financing of terrorism.
The document was signed at the Ministry of Finance in Vientiane yesterday by the Taxation Department Director General Mr Sangvone Phanthavilay and the Head of the Anti-Money Laundering Investigation Unit, Mr Phanthaboun Sayaphet.
In his opening remarks, Mr Phanthaboun said the MOU will ensure better coordination between the two sides, making it more effective in accessing the necessary information related to financial issues.
“This will enable us to work on more effective collaboration in exchanging necessary information that is connected to financial activities,” he said.
He pointed out that the cooperation in exchanging necessary information related to anti-money laundering and preventing the financing of terrorism will ensure the prevention of any form of occurrence and it will quickly detect possible incidences.
Recently the Anti-Money Laundering Investigation Unit reached a cooperative understanding with the State Inspection Authority's Corruption Inspection Department in a bid to exchange necessary information in relation to anti-corruption activities as well as anti-money laundering and preventing t he financing of terrorism.
The two parties also agreed to provide and exchange information with each other to ensure an effective cooperation based on the principles of the MOU that was recently signed.
At yesterday's signing ceremony, Deputy Minister of Finance Mr Bounchom Ubonpaseuth, Deputy Governor of the Bank of the Lao PDR Mr Sonexay Sithphaxay and senior officials from the ministry and the bank witnessed the signing ceremony.
