Lao

News

Be more cautious in using deposit service and joining investment

Summary

Bank of Lao PDR issued a Notification on Enhancing Cautious in Using Deposit Service and Joining Investment No.202/PS, dated 30th March 2017 to citizens, traders, officers, soldiers and polices throughout the country to be conscious in using deposit service, payment service, joining investment and shall inspect that the service provider has legal and completed permission from relevant authorities.

Updated on : 05-05-2017


Be more cautious in using deposit service and joining investment


Due to there were cases that some individuals and legal entities have mobilised capital from the public illegally. These individuals and legal entities have not been granted permission by the authorities in charge to source capital. The mobilisation of capital has been carried out in various ways, notably in the form of deposits or joint investments by offering considerable incentives and unreasonably high returns. Such illegal mobilisation can lead to the loss of property, money and gold owned by people who were persuaded to invest, disrupting social order.

Therefore, to prevent the illegal mobilisation of capital and avoid any loss, the Office of the Bank of the Lao PDR issued an announcement on be more vigilant about deposit services and joint investment No. 202/Office, dated 30 March 2017 to people, traders, officials soldier and police officer across the country to be alert about deposits, disbursement services, joint investments etc…by checking if service providers were granted permission by the relevant authorities. In the event of suspicious or illegal mobilisation of capital, please make a call to clarify the situation or inform the relevant departments of the Bank of the Lao PDR on these numbers: 021 265 713 - 715 or 021 265 607.

The information on the permission of commercial banks and microfinance institutions are available on the website of the Bank of the Lao PDR at : http://www.bol.gov.la/Otherbanks/Bank2016.htm - For microfinance institutions please visit: http://www.bol.gov.la/laoweb/microfinancelao5.html .

The Bank of Laos also requests local authorities’ cooperation in informing the Bank of the Lao PDR in the event that a financial institution/ institution, which has/have not been granted permission from the Bank of the Lao PDR, is/are on active in your respective locality. Meanwhile, local authorities are encouraged to disseminate, give instructions and remind people in your locality so that they remain alert to the illegal mobilisation of capital as mentioned above in order to avoid any loss of property, money or gold, while preventing such damaging issues. 



.

Most Recent News


Search All News