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Resolution issued to guide enforcement of law on money laundering

A new resolution has been published to ensure uniform implementation of the regulations against money laundering.
Resolution issued to guide enforcement of law on money laundering ảnh 1
Nguyen Hoa Binh, Secretary of the Party Central Committee and Chief Justice of the Vietnam Supreme People's Court, speaks about the new resolution. (Source:cafe.vn)

Hanoi (VNA) - A new resolution has beenpublished to ensure uniform implementation of the regulations against moneylaundering.

The Supreme People's Court and the State Bank of Vietnam held a joint seminar in Hanoi on May 31 to announce Resolution No03/2019/NQ-HDTP, dated May 24, 2019, of the judges' council of the Supreme People's Court, which guides the implementation of the2015 Penal Code’s Article 324 on money laundering.

The resolution will come into force on July 7.

Nguyen Hoa Binh, Secretary of the Party CentralCommittee and Chief Justice of the Vietnam Supreme People's Court, said the2015 penal code had amended and supplemented regulations on money laundering toremove obstacles to implementation.

However, after one year of theimplementation, there are still some unclear contents and more guidance isneeded, according to Binh.

In Vietnam, money laundering is a newtype of crime, but it is becoming more common and complicated in the era ofglobalisation and has begun to negatively affect the economy. Criminals haveused laundered cash to buy property, cars, jewels and other assets under otherpeople's names.

“Money laundering criminals often disguise illegalsources of money with sophisticated means," said Binh. "So,we need a law enforcement force with legal knowledge and a comprehensive legalsystem to fight the crime effectively."

Article 324 of the 2015 Penal Code defines moneylaundering behaviours as "disguising the legal origin of the money orproperty obtained through one's own criminal activities or that one knows to beobtained via another person's criminal activities."

The release of the new guidance showed Vietnam'scommitment to the international community in the work of combating moneylaundering and terrorist financing, Binh said.

Previously, most of the regulations focused oncrimes such as corruption, embezzlement or drug trafficking, all of whichcould lead to money laundering because if criminals wish to use theillegal assets, they need to remove traces of criminal activity.

Now, these criminals will be prosecuted for theirinitial crime and then be prosecuted again for money laundering.-VNA 
VNA
#enforcement #law on money laundering #Penal Code #guidance #comprehensive legal system #crime #Resolution #Vietnamplus #Vietnam News #Vietnam News Agency
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