Title: “LAO PDR MakesStrides in Fighting Financial Crimes: Anti-Money Laundering and Counter-Terrorism Financing Progress Report”

Lao People’s Democratic Republic (Lao PDR) Advances in AML and CFT

The socialist state of Lao People’s Democratic Republic (Lao PDR) has made substantial progress in expanding its anti-money laundering (AML) and combating the financing of terrorism (CFT) framework. Following Lao PDR’s joining of the Asia/Pacific Group on Money Laundering (APG) in July 2007, the country has achieved key milestones in its financial crimes crackdown.

Third Round Mutual Evaluation Report: Key Achievements

The latest progress in Lao PDR’s fight against financial crimes was outlined in the country’s third round mutual evaluation report (MER), which was adopted by the APG membership in July 2023. This report provides a critical assessment of Laotian systems as they stood during the onsite visit, conducted in September 2022.

• Issuance of an AML Decree: Lao PDR issued an AML decree to strengthen its legal framework.
• Establishment of a Financial Intelligence Unit (FIU): The government established an FIU responsible for reporting suspicious transactions.
• Criminalizing Money Laundering and Terrorism Financing: Efforts are underway to fully criminalize money laundering (ML) and terrorism financing (TF) in Lao PDR.

Accessing the MER Report

For more comprehensive insights into Lao PDR’s anti-financial crime advancements, the ‘Documents’ section of the APG website offers the download for the ‘Members and Observers’ section, then navigate to ‘Mutual Evaluation Reports - 3rd Round’ for access to the report.

Importance of Adhering to International Standards

As Lao PDR positions itself to further integrate into the global community, its progress in adhering to international financial crime standards is vital. These efforts align with ongoing collaborative initiatives between APG member states to combat financial crimes in the region.