Anti-money laundering and countering financing of terrorism legislation in Vietnam: Criminalization, Practice and Challenges

Absztrakt

This paper aims to examine the effectiveness and suitability of the
Vietnamese anti-money laundering (AML) and countering financing terrorism
(CFT) regime. This paper has three parts. The first part of the paper will
provide an overview of the Law on Anti-money laundering 2012 (the Law on
AML) and the criminalization of money laundering offences in the Criminal
Code 2015, amended in 2017. The second part of the paper seeks to examine
the practice and challenges of the Vietnamese AML/CFT framework in terms of
the (i) implementation of preventive measures adopted by the reporting
institutions in order to preclude and identify money laundering cases; (ii) use of
reporting and combating identifiable or suspected money laundering
transactions to the relevant authorities; and (iii) domestic and international
cooperation in AML. The third part of the paper will provide recommendations
as referencing for other jurisdictions.