Guide for Designated Non-Financial Businesses and Professions

ILSTA has released a comprehensive guide for "Designated Non-Financial Businesses and Professions" (DNFBPs) in Lao PDR, detailing the application of Financial Action Task Force (FATF) Anti-Money Laundering(AML) and Counter Financing of Terrorism (CFT) standards. The FATF is the global body that sets AML/CFT standards. The guide outlines DNFBP's obligations under Laos PDR AML/CFT laws that require DNFPBs' to effectively implement Customer Due Diligence (CDD), Know Your Customers (KYC) processes, and, the reporting of suspicious financial transactions to the Anti-Money Laundering Intelligence Office (AMLIO). DNFBPs financial sectors include casinos, real estate agents, precious metals and stones dealers, legal professionals, and accountants. The guide emphasizes the necessity for DNFBPs to be regulated, monitored, and compliant with FATF's preventive measures, such as risk mitigation, CDD, record keeping, and suspicious transaction reporting in order for Laos PDR to comply with the FATF requirements.

Compliance with FATF standards is mandatory for all countries.

Within ILSTA's technical assistance (TA) program, specific support will be provided to DNFBPs and regulatory authorities.

ILSTA Laos

Luxembourg Embassy in Laos

Luxembourg Aid & Development

LuxDev - Luxembourg Development Cooperation Agency