As part of the nationwide awareness raising campaign conducted by the Anti-Money Laundering Intelligence Office (AMLIO) and the Lao Customs in partnership with ILSTA, informative banners have been installed at the Lao cross border points in order to raise the attention of passengers, travelers on the mandatory Lao regulations regarding the possession and transportation of currency. These stands will be visible at every international entry point of Laos.
Mr. Phonesavanh Thammasith – Chief of Investigation and Anti-Tax Evasion Division of Customs Department at the Ministry of Finance, Mr. Chindamay Vilayhongs – Deputy Director General of Anti-Money Laundering Intelligence Office of Bank of Lao, Mr. Richard Philippart – President of ILSTA, Mr. Keith Farquharson-Program Officer at ILSTA, have officially handed over the banners to the Customs Authorities.
ILSTA’s collaboration with AMLIO and the Lao customs focuses on the development of effective national legislation, policies and enforcement on Money Laundering (AML). Increasing awareness amongst Lao officials, besides improving both the compliance with international standards and the enforcement of Lao regulations are indeed keys in supporting the national authorities to establish a sound and well-functioning legislative framework on money laundering in Laos.
One of ILSTA flagship activity is to support the Lao authorities through a nationwide awareness campaign in an attempt to sensitize at all airports and land border crossings points, Lao people and foreigners alike, with relevant AML-related legislations, notably the obligation to declare the transportation of cash and other valuable items with a value of more than 12 thousand dollars.
The Regulation on the Declaration of Cash, Precious metals and Bearer Negotiable Instruments While Entering/Exiting the Lao PDR of 2015 was issued to expand upon respectively Article 33 dubbed Declaration of cash, precious metals and bearer negotiable instruments at border crossings and Article 34 Examination by customs officers at border crossings of the Law on Anti-Money Laundering and Counter-Financing of Terrorism with the ultimate objective to reinforce the implementation of the Law.
According to the regulation, passengers with cash, precious metals, and BNIs with a value of 100,000,000 (one hundred million) kip or more entering/exiting the Lao PDR must declare these items to a customs official at the boundary post with a Customs Declaration Form issued by the Ministry of Finance. Customs officials at boundary checkpoints will then review, count and ascertain the reality and consistency of passengers’ declarations.
Ahead of the mutual evaluation process of the Financial Action Task Force (FATF) which will commence in 2020, Lao PDR is putting a great deal of efforts on law enforcement, besides wide awareness raising campaigns, on anti-money laundering new regulations. Recommendations issued by the FATF define criminal justice and regulatory measures that should be implemented to counter the issue of AML. The FATF Recommendations are recognized as global anti‐money laundering and counter‐terrorist financing (CFT) standards, FATF member states, like Lao PDR, being bound to take them into consideration while adjusting their national legal instruments and policies.
The action was possible with the kind support of the Ministry of Finance of Luxembourg and the Government of Canada
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