Regulatory Alerts2024-07-01
Added · Updated
Law on Anti-Money Laundering and Counter-Financing of Terrorism (Amended)
The Lao People’s Democratic Republic amends its Law on Anti-Money Laundering and Counter-Financing of Terrorism to expand definitions of virtual assets and virtual asset service providers, and to introduce standalone money laundering as a distinct offense. The legislation updates predicate offenses to include environmental crimes and tax crimes, while clarifying obligations for reporting entities such as commercial banks, insurance companies, and real estate agents to implement risk-based approaches and internal controls. It also defines the roles of politically exposed persons and establishes protections for staff involved in combating these crimes.