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Trường Cao đẳng Kỹ thuật Y tế II answers what is Money Laundering

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What is money laundering? – Nghialagi.org

What is Money Laundering?

Money laundering is the transformation of illegal income into assets that cannot be traced by public authorities. Money laundering is not a new phenomenon. According to many historians, Chinese merchants knew how to “launder money” more than three thousand years ago to avoid royal taxes. However, this activity has exploded with globalization, with serious social and economic consequences, especially in developing or transitional countries.

Who needs to launder money?

Money launderers (apart from terrorist organizations, a relatively new phenomenon) can be grouped into three groups:

  • – People smugglers (drugs, weapons, illegal labor…).
  • – Corrupt people.
  • – People who want to avoid taxes, generally those who want to keep their real (even legal) income private.

Dirty money can come from businesses that do business openly, for example when they move money from one country to another to avoid taxes. There are two methods to do this. One is to misrepresent the value of services that are legitimate in nature. The second is to declare (as in the invoice) a service that is completely unavailable (including setting up a ghost company). Among the sources of money to be laundered, perhaps the business source is the most reflective of globalization, one of which is the declaration of transfer prices to avoid taxes by transnational companies.

Of course, the three groups above are not completely isolated: corruption, money laundering, and illicit business have much in common, collude with each other, and empower each other. For example, corruption requires someone to launder bribes, this money launderer can be a professional criminal, or a ghost company. Conversely, criminals and businesses also often bribe corrupt officials to turn a blind eye to money laundering.

Money Laundering Industry

Although many criminals personally launder their dirty money, a money laundering “industry” has emerged to serve individuals with dirty money. The team of this industry, mainly professional money launderers, is increasingly reinforced with many high-priced lawyers, stock traders, real estate buyers, tax advisors, accountants…

Indeed, perhaps the most prominent variation of the money laundering apparatus is that it penetrates more and more deeply into many relatively reputable businesses and professions in society (such as large banks, sports associations, etc.). sports, cultural institutions, even charitable agencies). Thereby, the methods and means of money laundering are increasingly sophisticated, diversified and on a larger scale.

In general, the form of money laundering is also undergoing many changes: relying less on cash, on the banking system… and more on other financial instruments and markets (such as securities) or “” barter” (e.g., drugs for weapons).

Since the 1990s, the money-laundering industry has received more “boosts” due to changes in financial institutions and policies as well as technological advances.

  • First, most countries have loosened foreign exchange controls, especially since the early 1990s. In many countries, the exchange of domestic currency for foreign currency, and vice versa, is completely không lấy phí. The amount of daily swaps has increased from $590 billion in 1989 to $1,880 billion in 2004. Going further, many countries have officially adopted the same currency (in the case of the euro), or recognized the USD or euro as their semi-official local currency. A number of new financial instruments (such as stock contracts), sometimes very complex, have emerged. Thus, a huge amount of money (clean or dirty) can be transferred from one country to another in the blink of an eye, beyond the control of law enforcement.
  • Second, the pace of economic opening in most countries has increased dramatically, especially in the last 10-15 years. Financial markets (especially capital) became more open. The number of coins in circulation worldwide has tripled (from $6.8 trillion in 1990 to $19,900 billion in 2005), and complexity has also increased. Obviously, the more types of financial services there are, the more opportunities and ways to move money illegally, or put dirty money into clean money.
  • Third, competition to attract capital is increasingly fierce among countries, securities issuers, banks and other types of financial intermediaries. This is also an event that pleases money launderers because they know that sooner or later there will be banks, or securities companies, willing to accept their money without knowing the source of the money.
  • Fourth, is the impact of the information revolution. In many countries, banking is the field that puts information technology advances into application early and fastest. The fruits of the information revolution have been fully exploited by money launderers, while in this area, law enforcement agencies have proved much slower, especially when they need to coordinate between many people. local or transnational.
  • Finally, there are new ways to launder money, using the internet. The “dark” websites such as gambling and betting sites are often used to launder money because it is difficult for law enforcement agencies to trace where the money came from and who went into whose hands.

Consequences and policies

  • It is also said that some countries, especially in the West, have benefited from dirty money.
  • Objectively viewed from the point of view of resource allocation (legal and moral judgments aside for a moment), some extreme economists (who worship the market) argue that no money is dirty, no money is bad. is clean. According to them, “money laundering” is just a “reasonable” response of all “economic individuals”: no one wants to pay taxes and everyone wants to use their assets in activities that bring the most profit. As such, dirty money, they say, has helped develop the economy.
  • However, even on a purely theoretical basis, this opinion is completely wrong. By its very nature, the allocation of resources due to money laundering is not only in favor of profit signals, but largely to evade the law. Money laundering both wastes economic resources of society (on criminal activities that generate dirty money, instead of really useful productive activities), and distorts the distribution of those resources. .
  • In addition to resource allocation effects, dirty cash flows will also skew economic statistics. In addition, the effect of each type of dirty money is different (for example, dirty money due to corruption has a different effect than dirty money due to smuggling). Without exact numbers, of course, economic policy (especially monetary policy, like interest rate adjustment) will not be able to be in the right dose and effective.
  • Dirty money and money laundering also profoundly affect income distribution (create inequality) and shake society’s credibility in financial markets. From a macro-growth perspective, this is perhaps the most dangerous harm.

Anti-Money Laundering Law

Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam, which has been amended and supplemented with a number of articles under Resolution No. 51/2001/QH10, the National Assembly promulgates the Law on prevention and combat of money laundering with the following provisions: :

Article 2: Subjects of application

  • 1. Financial institutions.
  • 2. Organizations and individuals engaged in related non-financial business lines.
  • 3. Vietnamese organizations and individuals; a foreigner living in Vietnam or a foreign organization, international organization, or non-governmental organization operating in the Vietnamese territory having financial transactions or property transactions other than those specified in the regulations. in Clauses 1 and 2 of this Article.
  • 4. Other organizations and individuals related to money laundering prevention and combat.

Article 5: Principles of money laundering prevention and combat

  • 1. The prevention and combat of money laundering must comply with the provisions of law on the basis of ensuring national sovereignty and security; ensure normal economic and investment activities; protect the legitimate rights and interests of organizations and individuals; fight against abuse of power, take advantage of money laundering prevention and combat to infringe upon the lawful rights and interests of relevant organizations and individuals.
  • 2. Measures to prevent and combat money laundering must be implemented in a synchronous and timely manner; money laundering acts must be dealt with strictly.

Article 6. State policies on money laundering prevention and combat

  • 1. Money laundering prevention and combat is the responsibility of the State and state agencies. The State encourages domestic and foreign organizations and individuals to participate in, cooperate with, and finance activities to prevent and combat money laundering.
  • 2. Protect the legitimate rights and interests of organizations and individuals participating in money laundering prevention and combat.
  • 3. Issue policies to promote international cooperation in money laundering prevention and combat.
  • 4. Organizations and individuals with achievements in money laundering prevention and combat are rewarded by the State.

Article 7. Prohibited acts

  • 1. Organizing, participating in or facilitating the conduct of money laundering.
  • 2. Set up or maintain an anonymous acc or an acc using a kém chất lượng name.
  • 3. Establishing and maintaining business relationships with banks that are established in a country or territory but have no tangible presence in that country or territory and are not subject to management and supervision of the competent authority.
  • 4. Unauthorized provision of the service of receiving cash, checks, other monetary instruments or store of value and making payments to beneficiaries at another location.
  • 5. Abusing positions and powers in money laundering prevention and combat to infringe upon legitimate rights and interests of organizations and individuals.
  • 6. Obstructing the provision of information for the prevention and combat of money laundering.
  • 7. Threatening and taking revenge on people who discover, provide information, report and denounce money laundering.

Stages of money laundering

The money laundering process usually takes place in 3 stages, specifically as follows:

  1. Placement stage: Criminals seek to introduce criminal funds into the financial system in preparation for taking the next step. This stage is the most detectable stage in the money laundering process.
  2. The layering phase: The funds that have been put into the financial system will be converted back and forth between bank accounts, countries, project investment, trading, etc., in order to hide the source. the origin of the property.
  3. Integration stage: The funds officially enter the economy legally and can be used for all purposes.

Money laundering can take place in publicly traded businesses, as they move money from one country to another to avoid taxes. Among the sources of money to be laundered, perhaps the business source is the most reflective of globalization, one of which is the declaration of transfer prices to avoid taxes by transnational companies.

Of course, the three groups of corruption, money laundering and illegal business are not completely isolated, but also have many similarities, colluding with each other and supporting each other.

Example: Corruption requires someone to launder bribes, this money launderer can be a professional criminal or a ghost company. Conversely, criminals and businesses also often bribe corrupt officials to turn a blind eye to money laundering.

How to combat money laundering? It clearly requires national determination and global coordination. A fundamental difficulty today is that each country evaluates the importance of each dirty currency differently. In developing countries, money laundering is the biggest problem. In contrast, Western countries consider the laundering of dirty money related to terrorism as the most important and do not “criticize” dirty money due to corruption in other countries.


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