Prohibition on Organizing, Participating, or Facilitating Money Laundering Acts

Anh Tu

21:26, 11/07/2024

Law on Anti-Money Laundering 2012 stipulates measures for the prevention, detection, obstruction, and handling of organizations and individuals committing money laundering acts; the responsibilities of agencies, organizations, and individuals in preventing and combating money laundering; and international cooperation in preventing and combating money laundering.

There are certain prohibited acts stipulated in this document. To be specific, they include:

Organizing, participating in, or facilitating money laundering activities.
Establishing or maintaining anonymous accounts or accounts under a fictitious name.
Establishing and maintaining business relations with a bank that is established in a country or territory but does not have a physical presence in that country or territory and is not subject to regulation and supervision by a competent regulatory authority.
Illegally providing services involving the receipt of cash, checks, other monetary instruments, or value storage instruments and making payments to beneficiaries at a different location.
Abusing position and authority in anti-money laundering efforts to infringe upon the lawful rights and interests of organizations or individuals.
Obstructing the provision of information serving anti-money laundering efforts.
Threatening or retaliating against individuals who detect, provide information about, report, or denounce money laundering activities.

These contents are stipulated in Article 7 of the Anti-Money Laundering Law 2012, which was promulgated on June 18, 2012, and took effect on January 1, 2013.

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