April 22, 2016
ANTI-MONEY-laundering and countering the financing of terrorism (AML/CFT) has become a global issue and every country has a responsibility to take action against these crimes based on their own regulations in association with international standards.
Laos is one of the countries taking a tough line to prevent and resolve the issue with the aim of boosting confidence among Laotian and foreign businesses and investors.
As part of the government’s efforts to bring the country’s financial standards in line with international systems, the Bank of the Lao PDR (BOL) Anti-Money-Laundering Intelligence Unit signed a memorandum of understanding with the Registration and Management of Enterprises Department of the Ministry of Industry and Commerce on Wednesday.
The MoU was signed by BOL’s acting head of the Anti-Money-Laundering Intelligence Unit, Phengsy Phengmeuang, and the director-general of the Registration and Management of Enterprises Department, Dr Somphouang Phienphinith.
“If we don’t strictly follow the guidelines of international bodies, Laos will be in trouble in terms of socio-economic development,” Phengsy said. As a member of the Asia-Pacific Group on Money Laundering, Laos is obliged to implement the Financial Action Task Force’s 40 recommendations in order to meet international standards on combating money laundering and countering the financing of terrorism.