11 October, 2010
The APG will conduct a mutual evaluation on-site visit to Lao People's Democratic Republic (Lao PDR) in October 2010 to evaluate its compliance with the global AML/CFT standards.
Lao PDR has been a member of the APG since 2007 but has not previously been evaluated for compliance with the international AML/CFT standards. Nevertheless, it is developing its anti-money laundering and combating the financing of terrorism system. For instance, Lao has issued an anti-money laundering decree and has established a Financial Intelligence Unit for reporting suspicious transactions. Lao PDR is currently working to fully criminalise money laundering and terrorist financing as part of their APG obligation.
APG evaluations are based on the FATF's 40+9 Recommendations and methodology. Experts experienced in legal, financial sector and law enforcement areas of AML/CFT systems will visit Lao PDR over a two-week period in October 2010 to meet with government departments and private sector agencies involved in anti-money laundering and counter terrorist programmes. To qualify as an expert, evaluators must complete an intensive training course offered by the APG or the FATF. The evaluation consists of two major components:
- first, the on-site visit involving meetings with governmental agencies, banks, other financial institutions (including casinos), the real estate, legal and accountancy professions; and
- second, the examination of the report of the visit by the full APG plenary.
Once adopted by the APG membership in July 2011 the Lao PDR evaluation report will be published on this website in accordance with APG procedures.
Click on the "Members" button at the top of this page for further information about Lao PDR and on the "mutual evaluations" button under "documents" above for more information about mutual evaluations.