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New regulations require a declaration of assets by state leaders, employees, state enterprise employees and their close relatives, according to state- run media Vientiane Times, Monday.
Officials are now compiling documents in order to comply with new regulations set to come into force in January 2014. The first of its kind, the Prime Ministerial Decree on Asset Declaration is an effort to stem corruption by increasing the transparency of assets and debts of those in official positions.
According to Vientiane Times, the Government Inspection Authority is finalizing the asset declaration form and instruction manual that will enable the parties in question to make their submissions.
High-ranking leaders, administrative-level officials and all state employees in the party, government, Lao Front for National Construction and mass organizations will be required to declare their assets. Additionally employees of the state, state joint venture enterprises and state joint stock companies are also included as are soldiers and police officers with rank of Second Lieutenant or higher in addition to officials in charge of economic or financial affairs.
All assets including land, houses, vehicles or liquid assets such as cash, gold, bonds or shares must be declared as well as any debts.
New employees of the state will be required to declare their assets within 30 days of assuming their employment as will employees that are assuming new positions. State employees will also be obligated to declare their assets at least 30 days before they retire.
