Regulatory Alerts2025-09-04
Added · Updated
Decree on Countering the Financing of Proliferation of Weapons of Mass Destruction
The Decree establishes the legal framework for countering the financing of proliferation of weapons of mass destruction in the Lao PDR, defining key terms and designating reporting entities such as banks, virtual asset service providers, and lawyers. Reporting entities and postal enterprises are required to conduct ongoing customer due diligence, immediately withhold or freeze transactions involving designated persons, and report these actions to the Ministry of Public Security (MOPS) and the Anti-Money Laundering Intelligence Office (AMLIO). The MOPS must verify the association of seized or frozen funds with proliferation financing within thirty days, extendable to sixty or ninety days for complex or international cases, and lift measures if no association is found. The document also outlines procedures for listing and delisting entities based on United Nations Security Council resolutions and provides for legal remedies allowing access to frozen funds for basic or extraordinary expenses under specific conditions.