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Laos steps up efforts to handle money laundering

Xinhua, March 1, 2017 Adjust font size:

Enhancing financial transparency and crime prevention are top priorities for the Lao government in cracking down on all forms of unlawful actions related to money laundering, said the country's central bank on Wednesday.

Senior bank officials in charge of anti-money laundering efforts gathered at the fourth ordinary meeting of the Bank of the Lao People's Democratic Republic (BOL) in capital Vientiane to review past achievements and implementation of future plans.

In particular, it assessed past efforts and outlined upcoming initiatives in order to remove Laos from the international inspection list.

Last year saw authorities redouble their work on legal processes to make sure Laos leaves the Financial Action Task Force (FATF)'s Grey List in 2017, reported state-run newspaper Vientiane Times.

Laos will be evaluated by the Asia/Pacific Group on Money Laundering this May, and if it meets international standards it will be approved to leave the FATF's Grey List, according to Vientiane Times. Endit