Financial Crime World

Asset Recovery and International Cooperation in the Lao People’s Democratic Republic

Introduction

The Lao People’s Democratic Republic (Lao PDR) has made significant strides in implementing laws and regulations to combat money laundering, corruption, and terrorism financing. In this presentation, we will highlight the country’s progress in asset recovery and international cooperation.

Key Laws and Regulations

The Lao PDR has implemented a range of laws and regulations to support asset recovery and international cooperation, including:

  • Law on Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT): This law aims to prevent and combat money laundering and terrorism financing in the country.
  • Law on Civil Servants: This law establishes a framework for civil servants, including provisions related to asset declaration.
  • Decree on Asset Declaration and its Implementing Guidelines: This decree provides procedures for civil servants to declare their assets.
  • Anti-Corruption Law: This law aims to prevent and combat corruption in the country.

Specific Provisions for Asset Recovery

The Lao PDR has also established specific provisions related to asset recovery, including:

  • Article 361 of the Law on Civil Procedure: This article allows individuals or organizations from foreign countries to file claims against persons in the Lao PDR.
  • Article 30 of the Law on International Cooperation in Criminal Matters No.88/NA (2020): This article provides procedures for returning assets or properties to a requesting state.

Conclusion

The Lao PDR has made significant progress in international cooperation and asset recovery, as evidenced by recent legislative developments. The country’s commitment to implementing laws and regulations aimed at combating money laundering, corruption, and terrorism financing is an important step towards promoting transparency and accountability.