The Council of Judges of the Supreme People's Court is seeking public opinion on the issuance of a Resolution guiding the application of Article 324 of the Criminal Code regarding the crime of money laundering.
Article table of contents
This Draft Resolution specifically guides money laundering acts stipulated in Clause 1, Article 324 of the Criminal Code 2015, amended and supplemented by Clause 122, Article 1 of the Law amending the Criminal Code 2017 as follows:
- The act of directly or indirectly participating in banking, financial transactions or other transactions stipulated at point a, clause 1, Article 324 of the Criminal Code includes performing, supporting to perform, or through others to perform, support to perform one of the following acts to conceal the illegal origins of money and assets:
- Opening accounts and depositing money at credit institutions, branches of foreign banks; contributing capital, raising capital into enterprises in cash or any form of assets;- Withdrawing money in any form using different instruments such as checks, bills of exchange, bonds, credit cards;- Mortgaging, securing collaterals; lending, financial leasing;- Conducting currency exchanges; transferring money or value; guaranteeing and committing financial, foreign exchange business, transferable monetary instruments, and securities;- Trading in stocks, bonds, and other valuable papers; participating in the issuance of securities;- Managing personal and collective investment portfolios; managing cash or liquid securities on behalf of other individuals or collectives; managing or providing life insurance and other related investment insurance.
Illustration (source: internet)
The act of using money or assets stipulated at point b, clause 1, Article 324 of the Criminal Code is using such money and assets to establish businesses, conduct business, provide services, build schools, hospitals, purchase assets in various forms, or using it under the guise of sponsorship, charity, or humanitarian aid.
The act of concealing information stipulated at point c, clause 1, Article 324 of the Criminal Code includes any activity intended to deceive others about the origin, true nature, location, arrangement, movement, rights, or ownership of assets knowing that the assets are derived from a crime.
The act of obstructing the verification of information stipulated at point c, clause 1, Article 324 of the Criminal Code involves intentionally causing difficulties or obstructions in clarifying the origin, true nature, location, transfer process, or ownership of the money or assets acquired from a crime committed by oneself or knowingly or having reasonable grounds to know that the assets come from a crime committed by another person.
Additionally, this Draft Resolution also provides specific guides on aggravating circumstances such as abuse of office and power; committing the crime more than once; committing the crime in a professional manner; using sophisticated, cunning tricks; causing adverse impacts on the safety of the national financial and monetary system...
More details can be found in the Draft Resolution Guiding the application of Article 324 of the Criminal Code on the crime of money laundering.
