SBV to take action against illegal transactions via int’l payment gateways

Paypal is among the international payment gateways that haven't been licensed to provide services in Vietnam (Screenshot photo)

Hanoi (VNA) - Deputy Prime Minister Truong Hoa Binh has assigned the State Bank of Vietnam (SBV) to devise measures to control illegal financial transactions and tax evasion via illicit international payment gateways.

He made the decision following a series of articles in the Lao Dong (Labour) newspaper on the fact that many international payment gateways like Paypal and Payoneer, which haven’t been licensed to provide intermediary payment services by the SBV, have become tools for illegal financial transactions, money laundering, and tax evasion.

The Government Office said Binh has tasked the SBV with coordinating with the Ministry of Public Security and the Ministry of Information and Communications to examine the matter and quickly identify measures to control any illegalities.

Published in December, the articles in Lao Dong described tactics used to avoid tax via international payment gateways, showing a major loophole in the management of international payments and cross-border transactions in Vietnam./.

VNA