Vietnam
Last updated 25/04/2008CENTRAL AUTHORITY FOR REPORTING
- Hanoi People’s Committee
- Ministry of Justice
- Anti-Money Laundering Centre
ARE LAWYERS COVERED BY MONEY LAUNDERING LEGISLATION?
Lawyers are covered by Article 6 of Decree No.74/2005/ND-CP
Article 6. Individuals and organizations responsible for preventing and combating money laundering
- Other individuals and organizations responsible for preventing and combating money laundering under the provisions of this Decree include:
- Lawyers, legal counseling firms, lawyers’ offices, law partnerships when they conduct monetary or other property transactions on behalf of their clients;
- Lawyers, legal counseling firms, lawyers’ offices, law partnerships when they conduct monetary or other property transactions on behalf of their clients;
NAME LAWS REGARDING ANTI-MONEY LAUNDERING PROCEDURES
Decree No.74/2005/ND-CP of the Government of June 7, 2005 on prevention and combat of money laundering
IN ADDITION TO THESE LAWS, IS THERE ANY MONEY LAUNDERING GUIDANCE FOR LAWYERS CURRENTLY IN PLACE?
No information available.
UNDER WHAT CIRCUMSTANCES IS A LAWYER UNDER THE OBLIGATION TO REPORT?
Article 6(2)(a) of Decree No.74/2005/ND-CP
Lawyers, legal counseling firms, lawyers’ offices and law partnerships are responsible for preventing, combating and reporting money laundering under this Law when they conduct monetary or other property transactions on behalf of their clients.
LAWYER RESPONSIBILITY/LIABILITY
Chapter II Article 12 of Decree No.74/2005/ND-CP
Article 12. Forms and contents of reporting and supply of information
- Individuals and organizations listed in Article 6 of this Decree must report transactions specified in Articles 9 and 10 of this Decree to the anti-money laundering information center or competent state agencies, specifically as follows:
- Form of reporting: in writing, by electronic means or any lawful mode; in case of necessity, prompt reporting via telephone is acceptable but confirmation by one of the modes listed above is required thereafter; persons who make or sign such reports must be the very individuals who have effected the transactions or responsible officials or competent persons of the organizations or agencies required to report;
- The contents of a report include: client identification information provided for in Clause 3, Article 8 of this Decree; time and time limit for effecting the transaction or issuing a transaction order; parties involved in the transaction; papers and documents used by the involved parties in the transaction; preventive measures already taken; and
- Reporting time: Within 48 hours from the time when transactions defined in Article 9 arise or from the time when transactions defined in Article 10 of this Decree are detected or within 24 hours if traces of a relationship between the requested transactions and criminal activity are detected. The Vietnam State Bank Governor shall stipulate the reporting time for each specific type of transaction.
LAWYERS PROSECUTED FOR MONEY LAUNDERING OFFENCES
No information available.
HAS THE FINANCIAL ACTION TASK FORCE (FATF) CONDUCTED A MUTUAL EVALUATION OF THIS COUNTRY, AND, IF SO, WHAT WERE THE FINDINGS CONCERNING LAWYERS’ COMPLIANCE WITH THE FATF 40+9 RECOMMENDATIONS?
Vietnam is not a member of FATF. However, the Asia Pacific Group on Money Laundering (APGML) is planning to launch a mutual evaluation of Vietnam’s anti-money laundering efforts in November 2008. The APGML works directly with government agencies and ministries on developing anti-money laundering policies and laws. It also works with financial institutions to assess the effectiveness of measures to prevent criminal financial transactions. This group has not previously evaluated Vietnam. Vietnam is a relatively new member of the APGML.(1)
The APGML uses FATF's 40 + 9 Recommendations as their principle guidelines for the implementation of effective AML/CFT standards and measures. The APGML also uses similar mechanisms to those used by the FATF to monitor and facilitate progress for effectively implementing the international standards. Since its inception, the APGML has worked closely with FATF. The APGML and FATF have reciprocal rights of attendance at each others meetings as well as reciprocal sharing of documents and reciprocal participation in working groups. The APGML and FATF are involved in joint mutual evaluations of shared member jurisdictions. (2)
Information provided by:
Luu Tien Ngoc, Vision & Associates Legal
Email: LT.NGOC@VISION-ASSOCIATES.COM
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Sources
- Trond Vagen, Vietnam prepares for APGML visit, April 21, 2008. www.complinet.com.
- About APGML, Relationship to the FATF. http://www.apgml.org/about/relationship.aspx
