Today, with the economic situation becomes developed and complicated. There are many illegal activities to find illegal profits. One of these outstanding activities is money laundering, through today’s article Pham Consult will introduce to you what is money laundering and some basic regulations on anti-money laundering?
What is money laundering?
Money laundering is an act of an organization or individual in order to legalize the origin of assets obtained from crime.
Pursuant to the provisions of the Law on Anti-Money Laundering 2022 and the Penal Code 2015, the acts prescribed as money laundering include:
– Participating directly or indirectly in financial, banking or other transactions to conceal the illegal origin of money or property because of their crimes, which they have or know or have grounds to know is due to their crimes. other crimes that have;
– Using money or property that they have committed a crime with, or know or have grounds to know, that other people have committed a criminal act, to conduct business activities or other activities;
– Concealing information about the origin, true nature, location, movement or ownership of money or property committed by oneself, but having or knowing or having grounds to know that it is committed by others guilty of obtaining or obstructing the verification of such information;
– Committing one of the acts specified at Points a, b and c of this Clause with respect to money or property known to be obtained from the transfer, transfer or conversion of money or property performed by another person. committed a crime.
– Assist organizations and individuals involved in crimes to evade legal responsibility by legalizing the origin of property obtained from crime;
– Possession of property if at the time of receiving the property, it is known that such property was obtained by committing a crime, in order to legalize the origin of the property.
– Money used in money laundering includes Vietnam dong, foreign currency; can be cash or money in the account.
– Assets in money laundering include objects, valuable papers, property rights as prescribed by the Civil Code, which may exist in material or immaterial forms; movable or immovable property; tangible or intangible; legal documents or instruments proving ownership or interest in the property.
(According to Clauses 1 and 2, Article 1 of Resolution 03/2019/NQ-HDTP)
Anti-money laundering must be based on what principles?
Pursuant to Article 5 of the Law on Anti-Money Laundering 2022, the principles in preventing and combating money laundering are as follows:
– First, the prevention of money laundering must comply with the provisions of law on the basis of ensuring sovereignty and territorial integrity, national security and national interests; ensure normal economic and investment activities; protect the legitimate rights and interests of organizations and individuals; fight against abuse of power, take advantage of money laundering prevention and combat to infringe upon the lawful rights and interests of relevant organizations and individuals.
– Second, the act of money laundering must be handled in accordance with the law.
– Finally, measures to prevent money laundering must be implemented in a synchronous and timely manner.
In the prevention and combat of money laundering, which acts are strictly prohibited?
Pursuant to Article 8 of the Law on Anti-Money Laundering 2022, the prohibited acts in the prevention and combat of money laundering include:
– First, organize, participate in or facilitate, assist in the conduct of money laundering.
– Second, set up and maintain anonymous accounts or accounts using fake names.
– Third, establish and maintain business relationships with shell banks.
– Fourthly, illegally providing the service of receiving cash, checks, other monetary instruments or store of value and making payments to beneficiaries.
– Fifth, taking advantage of positions and powers in the prevention and combat of money laundering to infringe upon the legitimate rights and interests of organizations and individuals.
– Sixth, obstructing the provision of information for the prevention and combat of money laundering.
– Finally, threaten and retaliate against those who discover, provide information, report and denounce money laundering.
Thus, through the article on Pham Consult, it has been clarified more about money laundering activities and some basic content about the prevention of money laundering.