Vietnam to curb money-laundering

Vietnam is considering introducing a decree to combat money laundering and the financing of "terrorism" in a few months.

    Phan Van Khai (R) has to approve the new decree

    Ngo Ba Lai, chief of the State Bank's inspection department, on Monday said the project had been submitted to the government last week and was awaiting formal approval by Prime Minister Phan Van Khai.

      

    "We don't know exactly when it will be approved. It is a brand new (area) in Vietnam," he said in the capital Hanoi.

      

    Lai said the decree would provide guidance for setting up systems for the reporting and investigation of suspicious transactions. It would also stipulate possible sanctions against any money laundering activities.

      

    The international community has pushed Vietnam to act on this matter, especially after the September 11 attacks.

     

    IMF mission

      

    Last December, the International Monetary Fund sent a mission to Vietnam to work on the matter.

      

    "Vietnam is very much a cash economy. Deposit in gold is also possible which makes it potentially easy to launder some money," said Susan Adams, the IMF representative in Vietnam.

     

    "It is precisely countries which believe they are not a target that can easily become targets"

    Unnamed expert

    "From what has been announced, the country is moving in the right direction," she said, adding the IMF would offer technical assistance to help Vietnam strengthen its legal framework should the government desire it.

      

    Several experts say one of the country's challenges is to deal with the large amount of money flowing into the country outside the channels of the banking system.

      

    Last year, a US Congressional intelligence delegation held talks in Hanoi with the government on measures to strengthen bilateral cooperation against "terrorism".

      

    Experts say Vietnam could become a serious destination for money laundering.

      

    "It is precisely countries which believe they are not a target that can easily become targets", one expert said, adding that Vietnam's huge investment opportunities could attract money launderers.

    SOURCE: AFP


    YOU MIGHT ALSO LIKE

    Holding onto Hoxha: Guarding the last statue of communist Albania

    Holding onto Hoxha: Guarding the last statue of communist Albania

    In the basement of an old museum in a village in Albania, a 78-year-old woman protects the last remnant of a dictator.

    Still Here: A story of incarceration and gentrification in the US

    Still Here: A story of incarceration and gentrification in the US

    Many formerly imprisoned women of colour return to neighbourhoods transformed beyond recognition. What awaits them?

    The 'risky business' of tracking Rwandan fugitive Felicien Kabuga

    The 'risky business' of tracking Rwandan fugitive Felicien Kabuga

    The former chief prosecutor at the International Criminal Tribunal for Rwanda discusses the hunt for genocide suspects.