Laos graduates from money laundering "grey" list

Source: Xinhua| 2017-07-04 23:06:10|Editor: yan
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VIENTIANE, July 4 (Xinhua) -- Laos has graduated from the high risk "grey" list of money laundering which was approved by the Financial Action Task Force recently, according to Laos' National Committee for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) on Tuesday.

The committee in collaboration with the World Bank and other international partners are organizing a four-day long AML/CFT workshop that kicked off Tuesday in Lao capital Vientiane.

The workshop, entitled "National Money Laundering Risk Management Workshop", will further build capacity in this issue. In his opening remarks, Vice President of the National Committee for AML/CFT Kongthong Phongvichith said Laos is successfully implementing its obligations in AML/CFT with the support of international bodies, especially the World Bank.

"AML/CFT is considered as a very important issue for Laos, as well as the whole world, when it comes to countering the financing for terrorism and money laundering," he said, while praising the impressive job Laos has done in this area allowing it to leave the "grey" list last month.

He also noted that the workshop, for national level staff, will enable Laos to build capacity for officials in charge of AML/CFT, helping them to understand more about the methods of the risk assessment by using new tools, including tools used for analysis of AML/CFT risks.

Over recent years, Laos has worked with domestic and international organizations to improve various relevant activities especially inspections, analysis and management as well as capacity building and technology development.

As a member of the Asia-Pacific Group on Money Laundering (APG), Laos has obligations in implementing the Financial Action Task Force (FATF)'s 40 recommendations in order to meet international standards on anti-money laundering and countering financing of terrorism, reported Lao state-run media Vientiane Times.

Laos has not yet faced serious issues in terms of money laundering and financing for terrorism but it still needs to strictly follow the guidelines of the government and international banking regulatory bodies to prevent all forms of illegal money laundering.

The global economy continues to grow, including in the financial services sector, and with that growth is also coming improved AML/CFT measures developed alongside that growth. However, criminal activity in relation to money laundering and financing for terrorism remain a threat to the worldwide economy, according to participants at the workshop.

Laos will receive a second round of assessment for AML/CFT by Asia-Pacific Group on Money Laundering (APG) in the year 2020-2021.

The Financial Action Task Force is an inter-governmental body established in 1989 by the G7 Summit that was held in Paris in 1989.

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