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Official Gazette

Tuesday, September 17, 2019

Resolution guiding money laundering enforcement announced

Updated: 10:49’ - 03/06/2019
The Supreme People's Court and the State Bank on May 31 held a joint seminar in Hanoi to announce Resolution No. 03/2019/NQ-HDTP dated May 24, 2019, guiding the implementation of the 2015 Penal Code’s Article 324 on money laundering.

Secretary of the Party Central Committee and Chief Justice of the Supreme People's Court Nguyen Hoa Binh addresses the seminar__Photo: tapchitoaan.vn

Addressing the seminar, Chief Justice of the Supreme People's Court Nguyen Hoa Binh 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 globalization 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 defined money laundering behaviors 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.
The resolution will come into force on July 7.- (VNS/VLLF)

 

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