Agreement on the Import and Export Business of Valuable Items
关于贵重物品进出口经营的协议
ຂໍ້ຕົກລົງ ວ່າດ້ວຍ ທຸລະກິດການນຳເຂົ້າ ແລະ ສົ່ງອອກວັດຖຸມີຄ່າ
Summary
This Agreement, issued by the Minister of Industry and Commerce, prescribes principles, conditions, permit procedures, rights and obligations of operators, and a three-level management system for the import and export of valuables (formed gold, silver, diamonds, pearls, precious stones and other precious metal products) to comply with anti-money laundering and counter-terrorism financing regulations.
Articles
Article 1
Purpose. This Agreement stipulates the principles, regulations, and measures for the management, tracking, and inspection of import and export operations of valuable goods, so that such operations are conducted correctly, in compliance with the laws and regulations of the Lao People’s Democratic Republic and regional and international rules and principles, aiming to protect the rights and interests of operators, consumers, and the national interest, and to contribute to the country’s economic and social development.
Article 2
Import and Export Business of Valuable Items. The import and export business of valuable items refers to the business concerning the purchase and sale of valuable items, namely, purchasing from abroad for wholesale or retail within the Lao People's Democratic Republic, or purchasing from producers within the Lao People's Democratic Republic for export and sale abroad.
Article 3
Definition of terms. The terms used in this Agreement have the following meanings: 1. Precious goods refer to valuable items and objects, such as formed gold, silver, diamonds, pearls, gemstones, platinum, and other items made of precious metals, classified under Customs Tariff Codes (HS Code) 7102, 7103, 7104, 7110, 7111, 7113, 7114, 7115, and 7116, but excluding unformed gold bars, gold grains, silver bars, and silver grains managed by the Bank of the Lao PDR, and mineral products managed by the Ministry of Energy and Mines; 2. Business license refers to the license for the import and export of precious goods, which is a document certifying the rights and obligations to engage in the business of importing precious goods for domestic sale and exporting precious goods; 3. Beneficial owner refers to the owner who ultimately obtains the actual benefit from a business activity, operation, or transaction, including persons who have control over a legal entity.
Showing the first 3 of 20 articles. Open the LaoPaniti app for the full trilingual text.
Read the full trilingual text with AI explanation in the LaoPaniti app← LaoPaniti home: AI legal Q&A · contract drafting · Chinese-Lao translation