Resolution to guide money laundering enforcement announced


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 on Friday held a joint seminar in Ha Noi to announce the Resolution (No 03/2019/NQ-HDTP, dated May 24, 2019) to guide 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 Viet Nam 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 Viet Nam, 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 defined 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 Viet Nam'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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