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LAO PDR Makes Progress in International Cooperation and Asset Recovery

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The Lao People’s Democratic Republic (PDR) has made significant strides in strengthening its international cooperation and asset recovery efforts, according to a report presented at the ongoing regional conference on anti-money laundering and combating the financing of terrorism.

Bilateral Treaties and ASEAN Membership

Laos has signed three bilateral treaties with neighboring countries Vietnam, China, and South Korea, as well as being a party to the ASEAN Treaty on Mutual Legal Assistance in Criminal Matters. This framework enables Laos to provide assistance to foreign authorities in criminal investigations and asset recovery cases.

Anti-Corruption Mechanism and Membership

Laos has established an anti-corruption mechanism with Cambodia and Thailand to combat cross-border crimes such as illegal logging, bribery, and human trafficking. The country has also become a member of the ASEAN Parties Against Corruption (ASEAN-PAC) since 2010.

Importance of Asset Recovery

The report highlights the importance of asset recovery in combating corruption and money laundering. According to Article 26 of Laos’ Extradition Law, the return of assets is specified as part of extradition requests. The country’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) law also provides for the confiscation of assets linked to criminal activities.

Financial Intelligence Unit and Reporting Entities

The Financial Intelligence Unit (FIU) is responsible for monitoring and analyzing financial transactions to prevent money laundering and terrorist financing. Under the AML/CFT law, reporting entities are required to implement Know Your Customer (KYC) procedures to verify customer identities and identify beneficial ownership.

Transparency in Government Finances

The report also emphasized the importance of transparency in government finances, with all public officials required to declare their assets and income annually. The Lao PDR has completed two rounds of financial disclosures for public officials, which is accessible only to law enforcement authorities for investigative purposes.

International Cooperation

Laos has established mechanisms for recovery of property through international cooperation in confiscation. Article 361 of the Law on Civil Procedure allows foreign individuals or organizations to file claims against persons in Laos, provided that relevant international cooperation treaties are in place.

Conclusion

The report concluded that the Lao PDR’s progress in international cooperation and asset recovery is significant, with recent legislation and regulations strengthening its ability to cooperate with other countries. The country’s efforts will further enhance its reputation as a responsible member of the international community.