I have heard from some friends about opening a business store, but in fact, it's to carry out money laundering activities. Could you please explain what money laundering is? How is this behavior regulated in the law?
Article table of contents
The crime of money laundering is stipulated in Article 251 of the Penal Code 1999 (amended and supplemented in 2009) as follows:
“1. Any person who commits one of the following acts shall be sentenced to imprisonment for one to five years:
a) Participating directly or indirectly in financial, banking transactions or other transactions related to money, property known to be obtained through criminal activities to conceal the illicit origin of such money or property;
b) Using money, property known to be obtained through criminal activities for conducting business or other activities;
c) Concealing information about the origin, true nature, location, movement, or ownership of money or property known to be obtained through criminal activities or obstructing the verification of such information;
d) Committing one of the acts specified in points a, b, and c of this clause concerning money or property known to be obtained from the transfer, assignment, or conversion of money or property obtained through criminal activities.”.
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What is a money laundering act?
Based on the provisions of Clause 1, Article 3 of the Anti-Money Laundering Law 2012, money laundering is specifically defined as:
- Money laundering is the act of an organization or individual aimed at legitimizing the origin of assets obtained through criminal activities, including:
a) Acts specified in the Penal Code;
b) Assisting organizations or individuals involved in criminal activities to avoid legal liability by legitimizing the origin of assets obtained through criminal activities;
c) Possessing assets, knowing at the time of receipt that such assets were obtained through criminal activities, with the intention of legitimizing the origin of the assets.
The essence of the crime of money laundering is the legitimization of money or property obtained through criminal activities, and this crime always relates to other criminal acts, particularly economic crimes such as smuggling, illegal trading, tax evasion, etc., and corruption crimes, drug-related crimes, etc. Therefore, improving the effectiveness of combating money laundering crimes is of significant importance in preventing and combating economic crimes and certain other types of crimes.
Source: Lawyer Pham Thi Bich Hao, Duc An Law Company - Vietnamnet.vn
