Currently, the phenomenon of money laundering through commercial banks which are the intermediary financial institutions has become more complex and sophisticated. As a member of Asia Pacific Group on Money Laundering (APG), together with the international community, Vietnam has actively participated in preventing and combating money laundering. Although the legal framework on anti-money laundering in Vietnam including regulations in Criminal Code (1999) and the amendment Criminal Code (2009), Law on the State Bank, Law on Credit Institutions (2010) and Law on anti-money laundering (2012) has become sufficient, the criteria on money laundering, money laundering risks and anti-money laundering measures have not been specifically regulated. In addition, there are still a lot of shortcomings in the implementation of the law on money laundering in Vietnam. Therefore, the study on the legal system of Singapore and some other ASEAN countries together with the implementation of the law will be valuable experience for Vietnam. The paper will be dedicated to study on the legal framework on money laundering through commercial banks, some influence factors on the legal framework and the implementation of the law in Vietnam in comparison with the legal framework and the implementation of the law in Singapore and some other ASEAN countries. From the strong points in the legal framework and the implementation of the law in Singapore and some other ASEAN countries, some suggestions will be made for improvement of the law and the implementation of the law on anti-money laundering through commercial banks in Vietnam.
Pham Thi Giang Thu, Hanoi Law University, Vietnam
Stream: Economics K – Law and Economics
This paper is part of the ECPEL2016 Conference Proceedings (View)
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