Coordination in handling suspicious transaction information

On November 27, in Hanoi, the Anti-Money Laundering Department (State Bank of Vietnam) in coordination with the Department of Economic Security (Ministry of Public Security) held a conference to sign the Coordination Regulations in handling suspicious transaction information.

Signing ceremony between representatives of the Anti-Money Laundering Department and the Economic Security Department.

Speaking at the Conference, Lieutenant General Nguyen Sy Quang, Director of the Department of Economic Security, said: Along with the strong development of the digital economy and modern advanced technology, new forms of money laundering have emerged with increasingly sophisticated and complex methods and tricks, such as: online gambling, unlicensed online gaming platforms, through virtual assets, under the guise of fundraising for charity, illegal transportation of currency across borders, money laundering through commercial activities, through "front" companies to conceal illegal sources of money,...

Therefore, the fight against money laundering is an urgent requirement in the current period.

Lieutenant General Nguyen Sy Quang, Director of the Department of Economic Security, spoke at the Conference.

Collecting, analyzing and transferring suspicious transaction information is one of the core activities of the Anti-Money Laundering Department. According to Director of the Anti-Money Laundering Department Pham Tien Phong, since the Anti-Money Laundering Law was promulgated in 2022, the Anti-Money Laundering Department has received thousands of suspicious transaction reports (STRs) each year, the number of STRs has increased by about 30% over the years. Based on the STRs received from reporting entities, from 2023 to present, the Anti-Money Laundering Department has collected, analyzed and transferred nearly 600 documents related to more than 5,000 STRs to the Economic Security Department.

Suspicious transaction information transferred to the Department of Economic Security focuses on source crime groups with high/medium-high risk of money laundering according to the results of the National risk assessment such as: signs of exploiting cyberspace to commit fraud and cheating; transactions related to gambling and betting websites; round-robin money transfers between business groups and individuals to create sales, bank transaction documents with suspicion of tax fraud or appropriation of value-added tax refunds; transactions of organizations/individuals with signs of hiding under the guise of payment for import and export goods to transfer money abroad...

Director of the Anti-Money Laundering Department Pham Tien Phong spoke at the Conference.

Based on the information transferred and exchanged from the Anti-Money Laundering Department in the period from 2023 to present, the Department of Economic Security has sent 115 documents in response to the Anti-Money Laundering Department. ''The signing of the Coordination Regulations between the two units today is a remarkable result in the coordination between the two units to improve the efficiency of handling suspicious transaction information and towards serving the commitment of the Vietnamese Government on anti-money laundering with the Financial Action Task Force (FATF)'', Mr. Pham Tien Phong affirmed.

Speaking at the conference, Deputy Governor of the State Bank Nguyen Ngoc Canh highly appreciated the effectiveness of cooperation between the two units in recent times. “This conference is a special milestone that not only recognizes previous successes but also creates a breakthrough momentum for anti-money laundering work in the new situation. Thereby, once again affirming the high determination of the State Bank in coordinating with competent agencies to improve the results of performing functions and tasks, firmly protecting national security”, Deputy Governor Nguyen Ngoc Canh emphasized.

Deputy Governor of the State Bank Nguyen Ngoc Canh spoke at the Conference.

The Deputy Governor also requested the two units to urgently implement the contents of the Coordination Regulations, concretize commitments into practical actions; at the same time, have a mechanism to regularly review and evaluate to promptly draw experience, make adjustments in accordance with legal regulations and actual implementation situation to improve the effectiveness of coordination between the two units.

According to Deputy Governor Nguyen Ngoc Canh, the coordination between the two units needs to focus on key points, specifically: Strengthening information exchange to serve the investigation, prosecution, and trial of money laundering and other related crimes; focusing on increasing the number of cases of parallel investigation of both source crimes and money laundering crimes originating from suspicious transaction reports transferred by the Anti-Money Laundering Department;...

“With its new role, the Anti-Money Laundering Department needs to be more proactive in collecting, analyzing, and processing suspicious transaction information in order to promptly transfer it to the Economic Security Department,” the Deputy Governor of the State Bank emphasized.

Along with that, it is necessary to strengthen coordination activities between the two units in verifying, investigating and tracing the money flow of cases of crimes related to money laundering and money laundering; regularly exchange, update and provide useful and valuable information to serve the professional work of the two units...

HONG ANH

Source: https://nhandan.vn/phoi-hop-trong-xu-ly-thong-tin-giao-dich-dang-ngo-post926235.html