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Lao People’s Democratic Republic Tightens Bolts on Money Laundering with New Regulations for Financial Institutions

Vientiane, Lao People’s Democratic Republic - June 5, 2015

The Bank of Lao PDR has issued new regulations to strengthen its anti-money laundering and counter-terrorism financing framework. The move aims to prevent illicit financial activities and enhance the country’s compliance with international standards.

New Reporting Requirements for Financial Institutions

As part of the new regulations, financial institutions in Lao PDR are required to report all cash transactions exceeding 100 billion kip (approximately $12 million USD) within every 30-day period. The reports must be submitted to the Anti-Money Laundering Information Office (AMLIU) in a specified format using either soft or hard files.

Key Provisions of the New Regulations

• Financial institutions must report all cash transactions exceeding 100 billion kip within every 30-day period.
• Reports must be submitted in a format specified by AMLIU using either soft or hard files.
• The Anti-Money Laundering Intelligence Unit is responsible for monitoring and inspecting compliance.
• Failure to comply may result in penalties as defined in Article 65 of the Law on Anti-Money Laundering and Counter-Financing of Terrorism.

Implementation Timeline

The new regulations take effect from the date of signature and after a 15-day official notification period. This marks another significant step by Lao PDR towards enhancing its anti-money laundering framework and preventing illicit financial activities.