Tiếng Việt
TABLE OF CONTENTS
1. What is money laundering?
2. Criminal prosecution for money laundering
1. What is money laundering?
According to Clause 1, Article 3 of the Law on Anti – money Laundering 2022, it is stipulated that: “Money laundering refers to the act that a natural or legal person performs to legalize the origin of the property derived from any offence(s).”
According to Article 8 of the Law on Anti – money Laundering 2022, it is stipulated that prohibited acts in the prevention and combat of money laundering:
“1. Organize, participate in or facilitate, assist in the conduct of money laundering.
2. Create, maintain anonymous accounts or accounts using fake names.
3. Create, maintain business relationships with shell banks.
4. Illegally provide services that involve the acceptance of cash, cheques, other monetary instruments and other stores of value and the payment to a beneficiary.
5. Abuse public positions and power over AML activities to prejudice the legitimate rights and interests of a natural or legal person.
6. Hinder the provision of information necessary for AML purposes.
7. Intimidate and take revenge on the persons detecting and reporting money laundering offences.”
2. Criminal prosecution for money laundering
Pursuant to Article 324 of the 2015 Penal Code, amended and supplemented in 2017, stipulates:
“Article 324. Money laundering
1. A person who commits any of the following acts shall face a penalty of 01 – 05 years’ imprisonment:
a) Directly or indirectly participating in finance transactions, banking transactions, or other transactions to conceal the illegal origin of the money or property obtained through his/her commission of a crime, or obtained through another person’s commission of a crime to his/her knowledge;
b) Using money or property obtained through his/her commission of a crime or obtained through another person’s commission of a crime to his/her knowledge for doing business or other activities;
c) Concealing information about the true origin, nature, location, movement, or ownership of money or property obtained through his/her or commission of a crime or obtained through another person’s commission of a crime to his/her knowledge, or obstructing the verification of such information;
d) Committing any of the offences specified in Point a through c of this Clause while knowing that the money or property is obtained through transfer, conversion of money or property obtained through another person’s commission of a crime.
2. This offence committed in any of the following cases shall carry a penalty of 05 – 10 years’ imprisonment:
a) The offence is committed by an organized group;
b) The offender abuses his/her position or power to commit the offence;
c) The offence has been committed more than once;
d) The offence is committed in a professional manner;
dd) The offence involves deceitful methods;
e) The illegal money or property is assessed at from VND 200,000,000 to under VND 500,000,000;
g) The illegal profit earned is from VND 50,000,000 to under VND 100,000,000;
h) Dangerous recidivism.
3. This offence committed in any of the following cases shall carry a penalty of 10 – 15 years’ imprisonment:
a) The illegal money or property is assessed at ≥ VND 500,000,000;
b) The illegal profit earned is ≥ VND 100,000,000;
c) The offence has a negative impact on security of the national currency or finance system.
4. A person that prepares for the commission of this offence shall face a penalty of 01 – 05 years’ imprisonment.
5. The offender might also be liable to a fine of from VND 20,000,000 to VND 100,000,000 or prohibited from holding certain positions or doing certain jobs for 01 – 05 years or have part or all of his/her property confiscated.”