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Lao PDR: Strengthening International Cooperation and Asset Recovery

The Lao People’s Democratic Republic (Lao PDR) has made significant strides in strengthening international cooperation and asset recovery through legislative reforms and domestic implementation. At a recent international conference, the country’s representative highlighted its progress in this area.

Key Achievements in Asset Recovery

• International Cooperation: The Lao PDR has adopted relevant legislations to enhance international cooperation and asset recovery.
• Financial Disclosure: All public officials are required to make asset and income declarations under the Law on Civil Servants, Decree on Asset Declaration, and Anti-Corruption Law. This includes:
  • Domestic bank accounts
  • Foreign bank accounts
• Prevention of Money Laundering and Counter-Terrorism Financing (AML/CFT): The AML/CFT law requires reporting entities to implement Know Your Customer (KYC) verification and enhance customer due diligence for Politically Exposed Persons (PEPs).

Implementation of Asset Recovery Mechanisms

• Asset Disposal: The Criminal Procedure Law establishes the rights of victims and civil plaintiffs to receive compensation for losses.
• International Cooperation in Confiscation: The Lao PDR has mechanisms in place for international cooperation in confiscation, including the return of assets or properties to requesting states.

Commitment to Strengthening International Cooperation

The speaker emphasized the Lao PDR’s commitment to strengthening international cooperation and asset recovery through legislative reforms and domestic implementation. With significant progress made in this area, the country is well on its way to achieving its goals.