Vietnam mulls project to fight money laundering
HANOI - Vietnam is considering introducing a decree to combat money laundering and the financing of terrorism within a few months, officials said Monday.Ngo Ba Lai, chief of the State Bank's inspection department, said the project had been submitted to the government last week and is awaiting formal approval by Prime minister Phan Van Khai.
"We don't know exactly when it will be approved. It is a brand new (area) in Vietnam," he told AFP. Lai said the decree would provide guidance for setting up systems for the reporting and investigation of suspicious transactions. It would also stipulate possible sanctions against any money laundering activities.
The international community has pushed Vietnam to act on this matter, especially after the attacks in the United states in September 2001. Last December, the International Monetary Fund sent a mission to Vietnam to work on the matter.
"Vietnam is very much a cash economy. Deposit in gold is also possible which makes it potentially easy to launder some money," Susan Adams, the IMF representative in Vietnam, told AFP.
"From what has been announced, the country is moving in the right direction," she said, adding the IMF would offer technical assistance to help Vietnam strengthen its legal framework should the governement desire it.
Several experts say one of the country's challenges is to deal with the large amount of money flowing into the country outside the channels of the banking system.Last year, a US Congressional intelligence delegation held talks in Hanoi with the government on measures to strengthen bilateral cooperation against terrorism. Experts say Vietnam could become a serious destination for money laundering.
"It is precisely countries which believe they are not a target that can easily become targets", one expert said, adding that Vietnam's huge investment opportunities could attract money launderers.
Agence France Presse - April 26, 2004
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