Vietnam’s Lawyers Escape Money Laundering Scandal

Clearing Up the Fog: AMLD Reports No Suspicious Transactions

In a rare report, Vietnam’s lawyers have been cleared of any involvement in money laundering activities, according to data from the Anti-Money Laundering Department (AMLD). A review of AMLD records from January 2010 to September 2016 showed no suspicious transactions reported by lawyers, and no high-value cash transactions related to legal services identified by the Ministry of Justice.

Vietnam’s Membership in International Organizations

The Financial Action Task Force (FATF) has not conducted a mutual evaluation of Vietnam, as the country is not a member. However, Vietnam joined the Asia Pacific Group on Money Laundering (APG) in 2007 and underwent its second round of mutual evaluation in November 2008.

APG’s Report Highlights Implementation of Measures

According to the APG’s report released in January 2022, Vietnam has implemented measures to prevent money laundering and combat financing of terrorism. The country has established a legal framework to meet its commitments and was removed from FATF’s monitoring process.

AMLD’s Role in Fighting Money Laundering

The AMLD plays a crucial role in helping Vietnam fulfill its obligations as an APG member. In 2012, the country hosted the Conference on Anti-money Laundering and Combating Terrorism Financing by APG.

Low Risk of Money Laundering in Legal Profession

The report also highlighted that no money laundering cases involving lawyers have been detected, and the threat of money laundering in the legal profession is rated as low. However, lawyers are involved in high-risk activities such as real estate transactions and setting up companies, which require further understanding of money laundering and terrorism financing risks.

Concerns and Recommendations

Despite this, neither AML/CFT training programs exclusively for lawyers nor record-keeping of such programs have been identified by the APG since 2014. This highlights the need for further training and awareness among lawyers to prevent potential vulnerabilities in the legal profession.

Important Note

This article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.