Viet Nam Human Rights
Vietnam enforces law on money laundering
2/6/19
A new resolution has been published to ensure uniform implementation of the regulations against money laundering.
The Supreme People's Court and the State Bank of Vietnam held a joint seminar in Hanoi on May 31 to announce Resolution No 03/2019/NQ-HDTP, dated May 24, 2019, of the judges' council of the Supreme People's Court, which guides the implementation of the 2015 Penal Code’s Article 324 on money laundering.
The resolution will come into force on July 7.
Nguyen Hoa Binh, Secretary of the Party Central Committee and Chief Justice of the Vietnam Supreme People's Court, said the 2015 penal code had amended and supplemented regulations on money laundering to remove obstacles to implementation.
However, after one year of the implementation, there are still some unclear contents and more guidance is needed, according to Binh.
In Vietnam, money laundering is a new type of crime, but it is becoming more common and complicated in the era of globalisation and has begun to negatively affect the economy. Criminals have used laundered cash to buy property, cars, jewels and other assets under other people's names.
“Money laundering criminals often disguise illegal sources of money with sophisticated means," said Binh. "So, we need a law enforcement force with legal knowledge and a comprehensive legal system to fight the crime effectively."
Article 324 of the 2015 Penal Code defines money laundering behaviours as "disguising the legal origin of the money or property obtained through one's own criminal activities or that one knows to be obtained via another person's criminal activities."
The release of the new guidance showed Vietnam's commitment to the international community in the work of combating money laundering and terrorist financing, Binh said.
Previously, most of the regulations focused on crimes such as corruption, embezzlement or drug trafficking, all of which could lead to money laundering because if criminals wish to use the illegal assets, they need to remove traces of criminal activity.
Now, these criminals will be prosecuted for their initial crime and then be prosecuted again for money laundering./.
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All comments [ 6 ]
The action plan includes groups of measures related to the legal framework, powers and responsibilities of authorised agencies, domestic cooperation, inclusive financial products, and international collaboration.
The risk of money laundering in Vietnam is at “average high” level, and that of terrorist financing at “low” level, according to a recent report released by the State Bank of Vietnam.
Though not all the crime money was put into the money laundering process, the results showed that compared to other sectors in the economy, there was high possibility that the criminals used the banking sector to legalise their illegal money.
The real estate sector is considered an attractive channel for money laundering as it can absorb huge money amounts, with transactions carried out by cash or banking transfer and not through property trading floors, making it difficult for competent authorities to identify the source of the money.
Meanwhile, money laundering risk in the insurance sector is classified as “average low”, and that in securities and casino at “average”, and accounting, auditing, law and people credit fund at “low”.
The action plan is also expected to meet international standards on prevention of money laundering and terrorist financing while serving the multi-lateral evaluation of the Asia-Pacific Group on Money Laundering (APG) and terrorism financing prevention.
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