Risks of Money Laundering in Real Estate and Banking Sector High, State Bank Concludes

Diep Nguyen

09:17 16/05/2019

BizLIVE -

In the banking sector, with the risk of money laundering at high level, this sector accounts for almost 90% of suspicious transactions.

Risks of Money Laundering in Real Estate and Banking Sector High, State Bank Concludes
Recently, the State Bank of Vietnam released the report summarizing the evaluation of national risks in money laundering, terrorism financing in the period of 2012 -2017.
Accordingly, after analyzing the trends and money laundering scams, the money and assets created by crime and the risks involving many different industries deployed in money laundering, SBV concluded that the risk of money laundering is at the average level.
After assessing the national vulnerability level and the money laundering vulnerability level of each sector, SBV says the risk of money laundering vulnerability is at average high level.
From all those supporing facts, SBV said that the national risk of money laundering is average high.
The risk of money laundering in evaluated to be high in the banking sector and real estate, just in the channel of unofficial money transfering is believed to be high.
At the same time, the risks of money laundering in securities, foreign exchange, casino sectors are reported to be at average level. The risks of money laundering in other sectors like auditing, accounting, law are at low level.
In the banking sector, with the risk of money laundering at high level, this sector accounts for almost 90% of suspicious transactions. 
The report stresses: “Though not all the crime money is put into the money laundering process, the results show that compared to other sectors in the economy, there is high possibility that the criminals use the banking sector to legalize the illegal amounts of money they gey”.
In this way, in order to hide the money earned, criminals tend to use the banking accounts under other people’s names to receive and send the illegal money.
Real estate is often the sector that can attract many sources of huge money amounts, the real estate transactions can be carried out by cash or banking transfers, not through real estate floors thus it is very difficult for authorities to track the flow and source of money.
In order to carry out money laundering in real estate sector, criminals often use the close relatives to buy then transfer real estates. With all those supporting facts, SBC concluded that the risk of money laundering in real estate is high.

DIEP NGUYEN

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