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Laos to Leave Money Grey List’ Next Year

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Laos is actively working to address Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) deficiencies to graduate from the Grey List of the Financial Action Task Force (FATF) next year.

To achieve the goal, the National Committee for AML/CFT in cooperation with relevant government agencies, private sector and international organisations is disseminating its action plan and various principles and regulations.

A National Committee for AML/CFT meeting, chaired by Deputy Prime Minister, SomdyDuangdy, who is also Minister of Finance and committee President, last week discussed various issues regarding recent AML/CFT implementation and action plans for the immediate future.

AML/CFT implementation for the second quarter of this year (April-June) successfully focused on many activities especially inspections, analysis and management, the mechanisms of cooperation with domestic and foreign agencies, capacity building and technology development, the Anti-Money Laundering Intelligence Unit under the Bank of the Lao PDR reported.

The committee also plans to resolve any of Laos’ shortcomings under the grey list to continue implementing its AML/CFT agenda.

Laos is a member of the Asia-Pacific Group on Money Laundering (APG) and has obligations in implementing the Financial Action Task Force (FATF)’s 40 recommendations to meet international standards on anti-money laundering and countering 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.

Currently the growth of the global economy is on track, financial services are also developed but criminal cases in relation to money laundering and financing for terrorism are also a threat to the worldwide economy.

Laos has not yet faced serious issues in terms of money laundering and financing for terrorism but it still needs to strictly follow the guidelines of the government and international banking bodies to prevent all forms of illegal money laundering.

The issue would not be successfully addressed if cooperation from the relevant sectors was not forthcoming. Laos must also strictly follow guidelines of international bodies to assist national socio-economic development.

At the meeting, Mr. Somdy stressed to committee members that various sectors needed to address any inadequacies in realising the AML/CFT agenda and this would benefit the nation.

Source: Vientiane Times