Vietnam: 06 grounds to doubt that transactions stated in information and report related to money laundering

According to Article 20 of Decree No. 116/2013/ND-CP of Vietnam’s Government, agency for anti money laundering under The State bank of Vietnam shall be responsible for transfer of information or dossiers of cases to the competent investigation agencies when there are rational grounds to doubt that transactions stated in information and report related to money laundering or conducted for money laundering which aims to finance terrorism. Grounds to doubt that transactions stated in information and report related to money laundering will be considered as rational grounds when:

1. Transactions related to organizations and individuals laying in back list;

2. Transactions related to organizations and individuals which are objects subject to investigation, prosecution and adjudication of functional agencies of Vietnam and other countries, territorial regions in the world;

3. Transactions related to organizations and individuals which lay in warning list of the State bank of Vietnam and other countries, territories in the world;

4. Transactions related to convicted persons as prescribed by law on criminal procedures;

5. Transactions performed in very short duration related to many organizations and individuals in many various countries and territories without economic basis or with insufficient vouchers of transaction;

6. Other transactions which agency for anti money laundering, under the State bank of Vietnam, based on actual experiences and international experiences to realize that they may relate to the criminal activities.

View more details at Decree No. 116/2013/ND-CP of Vietnam’s Government, effective from October 10, 2013.

Ty Na

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