Anti-Money Laundering Measures Proposed.
by Joe Fotalatte
Money Laundering Measures Proposed.
If you make transactions with a value of more than VND 300 million per day without legitimate reasons, you may get the attention of Vietnam government regulators.
Tuoi Tre reports the government’s draft decree outlines several articles in preparation for a law on anti-money laundering. Regulators would monitor suspicious transactions, inactive accounts, and e-wallets.
The draft targets businesses and people who deal in gambling, those who play games on the internet, telecommunications networks, and in casinos and lotteries. The industry would be required to identify customers of transactions over 60 million VND per day.
Cash transactions are also proposed to be regulated, including transactions of gold, silver, and gems with a value of VND 300 million or more per day. Businesses and individuals engaged in the precious metals and gems trading industry would be required to identify their customers.
Lawmakers hope to halt transactions through reporting if there is any suspicion it is connected to illegal activities, terrorism, or the financing of terrorism.
Sounds like a great idea in practice. Let’s hope corruption and too much bureaucracy & red tape doesn’t hinder its effectiveness and hurt honest businesses from running effectively..