Combating money laundering in Vietnam – The role of the police force

Abstract

This thesis investigates the prevention and combat of money laundering in Vietnam, with a particular emphasis on the role of the police force. It begins by examining the present literature's general understanding of money laundering. The research then investigates the existing international and national legal frameworks governing money laundering and terrorist financing. Vietnam's geographical location, legal, political, and economic environment make it an appealing location for money laundering activities. Money laundering is monitored and prevented in Vietnam via a network of governmental, banking, and law enforcement institutions. The Vietnamese legal system gives anti-money laundering jurisdiction to a wide range of institutions and agencies, as long as such actions are within the mandates and responsibilities of those institutions and agencies. Despite the fact that many predicate offences have been investigated and convicted, the investigation and prosecution of money laundering is quite limited.

The State Bank of Vietnam (SBV), Anti-Money Laundering Department (AMLD) within the SBV and Ministry of Public Security (MPS) are among the leading authorities in combating money laundering and terrorist financing. However, there are major problems in the policing of money laundering in practice such as the lack of consistent knowledge of money laundering risks and anti-money laundering responsibilities across agencies, the problem of information exchange, no specialized law enforcement teams. The thesis also highlights that the lack of integrated systems and facilities contributes to the effectiveness in combating this kind of offence. Based on that analysis, some suggestions are proposed to better deal with money laundering in Vietnam.