Agreement on the Sale of Valuable Items
关于贵重物品销售业务的协议
ຂໍ້ຕົກລົງ ວ່າດ້ວຍ ທຸລະກິດການຈຳໜ່າຍວັດຖຸມີຄ່າ
Summary
The Ministry of Industry and Commerce of Laos issues an Agreement prescribing business conditions, license procedures, rights and obligations of operators, a three-level management system, and measures against violators for the sale of valuable items (gold and silver products, gemstones, pearls, etc.), aiming to combat money laundering and terrorist financing and protect the interests of all parties.
Articles
Article 1
Purpose. This Agreement stipulates principles, regulations, and measures for the management, monitoring, and inspection of business operations related to the sale of valuable items, aiming to ensure that such operations are conducted correctly and in compliance with the laws and regulations of the Lao People's Democratic Republic as well as regional and international standards, in order to combat and prevent money laundering and the financing of terrorism, protect the rights and interests of operators, consumers, and the national interest, and contribute to the country's socio-economic development.
Article 2
Precious Items Sales Business. The precious items sales business refers to the business of purchasing from importers or producers within the Lao People's Democratic Republic, and then engaging in the sale and exchange of precious items.
Article 3
Definition of Terms. The terms used in this Agreement have the following meanings:
1. Valuable items refer to items and objects of value, such as: shaped (finished) gold, silver, diamonds, pearls, gemstones, platinum (platinum group metals), and other items made of precious metals, as listed under Customs Tariff Codes (HS Code) 7102, 7103, 7104, 7110, 7111, 7113, 7114, 7115, and 7118, but excluding unshaped gold bars, gold grains, silver bars, and silver grains;
2. Business License refers to a document issued by the Ministry of Industry and Commerce to business units engaged in the sale of valuable items in the Lao People's Democratic Republic, confirming their rights and obligations in operating the sale of valuable items;
3. Beneficial Owner refers to an individual who derives ultimate benefit from the business activities, operations, or any transaction of the valuable items sales business, including a person who has control over the operation of the valuable items sales business.
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