Financial Crime World

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Corruption in Laos: A Global Perspective

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The fight against corruption is a significant concern for businesses operating globally. Laos, a country in Southeast Asia, has been making efforts to combat bribery and corrupt practices. The Vice President of Laos, along with the Prime Minister, has warned officials and private sector operators against violating anti-corruption legislation.

Laos has made progress in addressing corruption issues. In 2020, it removed from the Grey List by international watchdogs for meeting its commitments to fight money laundering and terrorist financing.

Key Developments

  • Removed from the Grey List by international watchdogs
  • Demonstrated commitment to fighting money laundering and terrorist financing

International Anti-Corruption Laws

Both the US Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act have a broader scope than previously thought. The FCPA covers bribes offered to officials, while the UK Bribery Act includes both public and private sectors. Both acts encompass active and passive bribes.

Key Points

  • FCPA covers bribes offered to officials
  • UK Bribery Act includes both public and private sectors
  • Acts encompass active and passive bribes

ISO 37001: Anti-Bribery Management System Standard

The Anti-Bribery Systems Standard, ISO 37001, was published in October 2016. This set of good practices aims to provide guidelines and measures aimed at implementing control and ameliorating anti-bribery good practice within a company.

Key Features

  • Provides guidelines for implementing anti-bribery management systems
  • Aims to improve control and reduce bribery risks

Raising Awareness

This development will help raise awareness of the requirements that are in place at any particular company operating in Laos, lower management risks and costs for companies with respect to bribery, and especially in those countries where those issues are relatively prevalent.

Benefits

  • Raises awareness of anti-corruption requirements
  • Reduces management risks and costs associated with bribery

Conclusion

Laos has made progress in addressing corruption issues. However, more time is needed to determine the effectiveness of recent measures in practice. Investors have shown they are willing to register their entities or conduct business in Laos, albeit with a degree of caution. In a globalised world, these problems cannot be resolved by one country alone.

Final Thoughts

  • More time is needed to assess the effectiveness of anti-corruption measures
  • Collaboration and cooperation between countries is essential to resolve corruption issues