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Vietnam vulnerable to money laundering, says UN expert
Vietnam’s cash-driven society could lend itself to money laundering, a UN crime expert said at a recent seminar.
Though Vietnam has adopted regulations to fight money laundering, Hanoi advisor to the United Nations Office for Drugs and Crimes (UNODC) Ric Power said the country’s fight had not been effective enough.
Speaking at an anti-money laundering seminar held recently in the capital, Power said a cash-dependent country like Vietnam was vulnerable to money laundering as there was no way to trace cash transactions.
Establishing the origins of money was easier in countries where more people used bank accounts, he said.
Pham Mai Phuong from the State Bank of Vietnam’s Anti-Money Laundering Information Center reported the center had investigated 20 suspected money laundering transactions since its establishment in March 2007, but had found no trace of criminal activities.
While hailing the establishment of the center, Power said Vietnam still had yet to launch anti-money laundering measures in line with international standards.
He said effective anti-money laundering mechanisms would help fight corruption and crime in general and also help safeguard international financial institutions in Vietnam to solidify investor confidence in the country’s ability to absorb funds.
Experts from the Asia-Pacific Group on Money Laundering (APG) will visit Vietnam in November to assess the country’s anti-money laundering measures.
According to the Anti-Money Laundering Decree issued by the government in June 2005, financial institutions are obligated to report to the Anti-Money Laundering Information Centre any suspicious transactions in cash, foreign currencies or gold worth more than VND200 million (US$11,922).
The must also report all savings deposits of more than VND500 million ($29,806) for money-laundering investigation.
Thanhnien
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