Crime always be in existence in parallel with the development of the society. There is a need to enhance money laundering regulations in Vietnam to meet global standards.
It is not possible to totally remove the crime from society but only to prevent such to happen. Together with the development of socio economy and technology, crime has become more complex to recognize. Especially crime of money laundering takes place in a much more sophisticated manner to make it difficult to control and detect. Money laundering not only affects all aspects of economic and political life but also threatens the national security.
According to the provisions of Vietnam law, money laundering is an act of an organization or individual in order to legalize the origin of the property obtained from a crime. In which, property is understood as objects, money, valuable papers and property rights according to the provisions of the Civil Code, which can exist in material or immaterial form; movable or immovable property; tangible or intangible; legal documents or instruments proving ownership or interest in the property.
Not all acts involved are considered money laundering under criminal code. Only the following acts will be considered money laundering:
The investigation agencies, and prosecutors have to obtain significant evidence through a legal ways to prove the crime committed by money launder. According to some experts, it is important to prove, prosecute and charge the original crime which “dirty” money was made leading to money being laundered.
In practice, this is a challenging task because it takes a great effort to synchronize and cooperate between different jurisdictions of countries involved.
Individuals who commit money laundering offenses may be sentenced from 01 to 15 years of imprisonment, depending on the seriousness of the violation. Additional penalties are a fine of between VND 20,000,000 and 100,000,000, a ban from holding certain posts, practicing certain professions or doing certain jobs for 1 to 5 years, or confiscation of part or all of property.
The person who prepares to commit this crime can be sentenced to between 6 months and 3 years in prison. In case companies or commercial legal entities commit money laundering, they may be fined from VND 1,000,000,000 to VND 20,000,000 or have their operations suspended for a term of 1 to 3 years or be permanently suspended. Prevention of money laundering is difficult involved a number of government authorities i.e. Anti-money laundering department, State bank of Vietnam…
Money laundering poses a grave threat to the economic stability, political integrity, and national security of Vietnam. It is imperative that the nation remains vigilant and proactive in addressing this issue. By continually enhancing its money laundering regulations in Vietnam to align with international standards and fostering international cooperation, Vietnam can strengthen its position in the global fight against money laundering, ensuring a more secure and prosperous future for its citizens.
We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi, and Danang, and will help customers in doing business in Vietnam.
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You could learn more about ANT Lawyers Anti-money laundering lawyer in Vietnam or contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529
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