Any transaction over 300 million VND (14,250 USD) must be reported to the State Bank of Vietnam under a recent decision that will take effect on June 10.

Signed by Prime Minister Nguyen Tan Dung on April 18, the decision applies to financial institution and relevant organisation and individuals conducting non-financial business line prescribed in Article 4 of the law on Anti-Mont Laundering.

The decision replaces Government Decree 74 dated 2005 with stipulated that any transaction worth over 200 million VND must be reported to the Central Bank.

The Vietnam law on Anti-Money Laundering came into affect on January 1 this year.

Vietnam became the 34th member of Asia/Pacific Group on Money Laundering in May 2007.-VNA