Vietnam banks are at high risk of money laundering 2019

Along with banks, real estate and informal money transfer channels are assessed to be at "high" money laundering risk.

Vietnam banks
Banks and real estate are the two areas with the highest risk of money laundering in Vietnam.

Along with banks, real estate and informal money transfer channels are assessed to be at "high" money laundering risk. In addition, based on the results of the evaluation of the main source of crime of money laundering, money laundering trends and techniques and the risks of the fields and industries, the risk of money laundering in Vietnam is assessed at the level of "medium".

The above information is given in the report "Results of national risk assessment on money laundering and terrorist financing in the period of 2012-2017" recently announced by the State Bank. In addition to the above areas, the report also identified specific money laundering risks for other sectors such as insurance, securities, people's credit funds, overseas remittance companies, casino ...

Forms of money laundering

According to the report, the banking sector is at the highest risk of money laundering. Specifically, nearly 90% of all suspicious transaction reports (STR) sent to the Anti-Money Laundering Department related to the banking sector.

The report said, although not all unearned revenues are committed by criminals to the money-laundering cycle, this also proves that compared to other sectors in the economy, the possibility of criminals It is higher to select a banking system to legalize illicit revenues to turn those "dirty money" into "clean money".

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The risk of money laundering in the banking sector is determined: "may be primarily related to money laundering originating from property embezzlement (mainly related to those with positions and powers). to gamble and evade taxes In order to hide the proceeds, criminals often use bank accounts under the name of another person to receive and transfer illegal money. "

The second area of ​​high risk of money laundering is real estate. The report said that this is an area attracting a lot of high-value investment funds, real estate transactions and purchases can be done in cash or by bank transfer and not through trading floors. real estate so it is difficult for authorities to check and determine the origin of money. For money laundering, criminals often ask family members to buy, transfer and donate real estate.

Another area of ​​high risk of money laundering is the "informal money transfer channel". The report states that, with the outstanding benefits of money transfer, convenience, and simple procedures ... informal money transfer channels (underground money transfer) are also used to remit overseas remittances to Vietnam. Male.

"Compared to official money transfer channels, these underground money transfer channels have a higher risk of money laundering," the report said.

With the field of securities, the report said that since 2015, the management agency has conducted coordination, verification and handling of 7 transactions with suspicious signs related to money laundering in securities field. The regulator has received 2 suspicious transaction reports received from the securities company.

In particular, from 2012 - September 2017, there was no money laundering investigation, prosecution, trial related to the securities sector ... Through analytical reports, the conclusions of money laundering conclusions were made. for securities sector is "average".

As for insurance, from 2010 to September 2016, the Department of Anti-Money Laundering has received 176 STR from insurance companies, accounting for 3.17% of STR. Although the number of reports in the insurance sector STR accounts for a small proportion, the compliance with the regulations on prevention of money laundering is increasingly concerned and seriously implemented by insurance enterprises. Thereby, the report assesses the risk of money laundering at "low average" .

What is the level of vulnerability?

The results in the report show that banks play an important role in the financial system and the national economy. With a large network and a financial intermediary channel provides a wide range of financial products and services such as loans, deposits, financial leasing, foreign currency trading, monetary market instruments ..., the level of vulnerability to money laundering risk in the banking sector is rated at "high average".

For the vulnerability of 6 products, banking services (personal deposits, bank transfer, payment deposit accounts, trade finance, agency accounts and e-banking services) ), it is mostly "relatively high"; "average" e-banking service and agency account service are "low".

The evaluation results also showed that the level of money laundering vulnerability in the securities sector reached the "average" rating. The report shows that the ranking and assessment results are based on running the model on the basis of survey results and information collected through survey questionnaires from management agencies (State Securities Commission and Banking Inspection and Supervision Agency) and 49 active securities companies.

With insurance, the level of money laundering vulnerability is assessed as "low." In fact, this is still a small proportion of the Vietnamese financial market. As for the group of other financial institutions (with diversified types and locations operating nationwide with a scale that is often very small compared to organizations operating in the field of finance and banking). , the level of vulnerability to money laundering is mostly "low" and "average", only the underground money transfer system has a "high" vulnerability and the local development investment fund is "high average" .




Breaking Vietnam news | Vietnam's #1 News Site | Vietnam banks are at high risk of money laundering 2019
Vietnam banks are at high risk of money laundering 2019
Along with banks, real estate and informal money transfer channels are assessed to be at "high" money laundering risk.
Breaking Vietnam news | Vietnam's #1 News Site |
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