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Laos central bank urged to be on guard against money laundering
The Bank of the Lao PDR (BOL) will have to work harder now that the Asia Pacific Group (APG) is demanding its members take a stronger stand against money laundering, according to a senior bank official.
Speaking at a workshop on Reporting of Suspicious Transactions held in Vientiane yesterday, Anti-Money Laundering Intelligence Unit Director General Mr Leuane Vongphranakhorn said the international anti-money laundering group had called on Laos to address 49 outstanding issues to meet its obligations as a group member.
He said the Lao central bank had to improve its capacity building over the next few months and present a progress report to the group on January 31.
Most of the anti-money laundering issues the APG wants the Lao central bank to address are related to the mechanisms and cooperation channels used by the BOL and commercial banks to prevent money laundering, which is among the most serious of financial crimes.
Laos became a member of the Asia Pacific Group in 2007. At present, the group has about 40 members worldwide. Since becoming a member, Laos has not uncovered any cases of money laundering.
The government issued a prime ministerial decree to combat money laundering in 2009, setting out general guidelines for the BOL to prevent international financial crime.
The government considers money laundering to be a serious crime, which hampers commercial development and prevents honest people from successfully running a business.
The government's policy to promote foreign direct investment means it must foster a better business and investment climate to ensure sustainable economic growth. To this end it takes a strong stand against money laundering, as part of efforts to boost investment.
The two-day workshop is made possible through cooperation between the BOL and United Nations Office on Drugs and Crime (UNODC), according to a press release.
The workshop is teaching 60 officials from both the BOL and commercial banks how to report suspicious transactions and is reviewing the APG Mutual Evaluation Report on the efforts of Laos to counter money laundering and withhold access to funding for terrorists. Participants are also learning about the prime ministerial decree to combat money laundering.
The workshop's lecturers come from the World Bank in Hanoi, Vietnam, the UNDOC, and the US Department of Finance.
vientiane times
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