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Monday, March 31, 2025
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Laos Pledges Stronger Anti-Money Laundering Measures

This Week

The Lao government reaffirmed its commitment to strengthening anti-money laundering and countering the financing of terrorism during a conference held on 25-26 March in Vientiane.

The event focused on Laos’ efforts to meet international standards and exit the Financial Action Task Force (FATF) grey list.

Laos was added to the grey list in February following the FATF’s first plenary session of the year. Countries on this list face increased monitoring and scrutiny from global financial institutions, which can affect foreign investment and banking relationships. 

To address these concerns, the Lao government has pledged to work closely with FATF and strengthen its anti-money laundering framework.

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Deputy Prime Minister Saleumxay Kommasith, who chairs the National Coordinating Committee on anti-money laundering and countering the financing of terrorism, emphasized the government’s commitment to implementing the FATF action plan. 

He stated that money laundering and terrorist financing are serious transnational crimes linked to drug and human trafficking, illegal gambling, and corruption, which pose threats to political stability, economic growth, and national security. 

He also highlighted key measures taken by the government, including the establishment of the Anti-Money Laundering Intelligence Office in 2007 and the formation of the National Committee for Anti-Money Laundering in 2014. Additionally, Laos has signed international treaties and bilateral agreements with neighboring countries to strengthen legal cooperation.

Despite these efforts, Saleumxay acknowledged that handling money laundering cases in Laos remains limited. He noted that crimes with potential links to money laundering, such as fraud and trafficking, are widespread, increasing the risk of financial crimes and terrorist activities.

Further discussions at the conference focused on improving financial oversight, law enforcement, and regional cooperation. Experts from Laos and other countries shared insights on compliance with FATF standards and effective law enforcement strategies. 

Delegates from Thailand, Cambodia, and the Philippines discussed their experiences with FATF grey listing, outlining the reforms they implemented and the consequences of non-compliance, such as financial restrictions and reduced investment.

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