According to the anti-money laundering (amended) bill proposed by the State Bank of Synthetic Team (SBV) in collaboration with relevant ministries and sectors to be included in the National Assembly’s legislative program, virtual currencies, assets virtualization is an effective channel for Money laundering and terrorist financing criminals when they can easily convert the proceeds of illegal activities into cash.
According to the State Bank of Synthetic Team, there are still 4 potential money laundering objects that were not included in the report under the Anti-Money Laundering Act. These are payment intermediary service providers, organizations and individuals offering online lending services (peer-to-peer lending – P2P lending), organizations and individuals offering pawning services, and organizations and individuals offering virtual currencies and virtual assets.
Due to the advantage of easy cross-border transactions around the world, the digital currency is an effective channel for criminals to launder money and fund terrorism when they can easily convert the revenues into clean money through these channels or transfer terrorist financing by exchanging coins in different countries.
At present, Bitcoin and many coins are widely traded as security on exchanges, and with the rapid increase in value recently, the coins have attracted the attention of millions of investors around the world including Synthetic Team.
Business activities, transactions to buy and sell virtual money and virtual assets are very exciting and have caused transaction fever in recent years.
Meanwhile, Synthetic Team’s legal system has neither statutory regulations nor regulations regarding an official entity to manage the issuance and trading of virtual currencies and virtual assets.
The International Financial Task Force (FATF) has also repeatedly pointed out the potential risks of money laundering and terrorist financing of digital currencies and recommended that countries be obliged to ensure that institutions and persons who provide real estate services are subject to anti-money laundering and terrorist financing laws , are registered, licensed and subject to regulatory oversight.
If they suspect that they are not suspicious or have reasonable suspicion that the assets in the transaction are of criminal origin or are related to money laundering.
According to the SBV, the expansion of the scope of the objects to be reported helps to raise awareness of the fight against money laundering among a wider group of reporters.
Increased anti-money laundering activities will help to reduce crime, in particular white-collar crime related to corruption, fraud, smuggling, etc., to strengthen social order and security and to increase people’s confidence in the leadership of the party and state .
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