Banks submit decree on money laundering (24-03-2005) HA NOI — A Government decree on money laundering is expected to be passed in the second quarter of this year in an effort to combat the emerging crime, a central bank official has said. Nguyen Dang Hong of the State Bank of Viet Nam said the bank had drafted the decree and submitted it to the Government for approval. The date of its release would be in the second quarter, Hong told an international seminar on money laundering and terrorist financing in Ha Noi on Tuesday. The decree would require financial transactions worth more than VND200 million (US$12,700) and deposits of more than VND500 million ($31,700) be reported to authorised agencies, he said. It would also clarify regulations on 13 "suspected transactions," he said. Information about suspected transactions would be transferred to the SBV’s money laundering prevention centre, and would likely be referred to investigative agencies, he said. The decree will … [Read more...] about Banks submit decree on money laundering
Money laundering definition
The 47th ASEAN Foreign Ministers' Meeting on August 10 issued a joint c ommuniqué on its outcomes. Following is the full text of the Communiqué. Joint Communiqué 47 th ASEAN Foreign Ministers’ Meeting 8 August 2014 Nay Pyi Taw , Myanmar 1. We, the Foreign Ministers of the Association of Southeast Asian Nations (ASEAN), met on 8 August 2014 at the 47 th ASEAN Foreign Ministers’ Meeting (AMM) in Nay Pyi Taw, Myanmar . His Excellency U Wunna Maung Lwin, Union Minister for Foreign Affairs of the Republic of the Union of Myanmar chaired the Meeting. We had fruitful deliberation under the theme “ Moving forward in Unity to a Peaceful and Prosperous Community ”. Realising an ASEAN Community 2. We are encouraged by the adoption of the Nay Pyi Taw Declaration on the Realisation of the ASEAN Community by 2015 at the 24 th ASEAN Summit held in Nay Pyi Taw, Myanmar on 10-11 May 2014, which provided policy guidance to ensure the successful … [Read more...] about Joint Communiqué of 47th ASEAN Foreign Ministers’ Meeting (Part 1)
Vietnam International Business Centre debuts The Vietnam International Business Centre (VIBC) was officially inaugurated in Hanoi on October 10 following a successful three-month trial. The VIBC’s combined commercial and exhibition centre is the first of its kind in Vietnam, attracting famous brands including Viettel, FPT, Nino, and Pico. It houses pavilions of the Canadian, Egyptian, South African, and Argentinean embassies, as well as of leading Vietnamese craft bodies such as the Engineering Association, Traditional Craft Village Association, Lighting Association, and Vietnamese Culture Association. The organising board said VIBC’s International and Associations Areas will create a space promoting Vietnam’s economic image to the world and encouraging cooperation between foreign and domestic businesses. Participating brands can also consult directly with their Vietnamese customer base. On the opening day, the VIBC’s investors donated VND1 billion to the … [Read more...] about BUSINESS IN BRIEF 14/10
Swiss prosecutors investigating corruption at global soccer body FIFA have identified 53 suspicious bank transactions, the attorney general said on Wednesday, stressing that a complex investigation may take a long time to unfold. Michael Lauber told journalists he would not rule out interviewing FIFA President Sepp Blatter and General Secretary Jerome Valcke, although Switzerland had so far targeted no individuals in the scandal that has rocked international soccer. "We are faced with a complex investigation with many international implications," he said in his first public comments since his office seized FIFA computer data last month. "It would not be professional to communicate at this moment a detailed timetable. The world of football needs to be patient. By its nature, this investigation will take more than the legendary 90 minutes," he said, referring to the length of a soccer match. Also on Wednesday, Switzerland's third largest listed bank, Julius Baer, said it had launched its … [Read more...] about Swiss FIFA inquiry investigates 53 suspicious bank transactions
Earlier, the National Assembly focused on economic restructuring which is considered an urgent task. Nguyen Duc Kien, Vice Chairman of the National Assembly Economic Committee, said there is a need to work out specific plans for financial market restructuring. Mr. Kien said of the Government’s 1.4 billion USD package to support enterprises, the key will be distributing and using this fund effectively: "We will support enterprises but not by every means. The State will promulgate a policy for applying the fund. Meanwhile, enterprises themselves must reform their operation and restructure their production with State support". During the afternoon, the NA debated the draft law to combat money laundering, which deals with the detection, prevention and the arrest and punishment of offenders, international cooperation to prevent money laundering and supporting terrors. Many deputies stressed on the urgent need to issue a law to combat money laundering. Some said that a clearer … [Read more...] about NA discusses draft laws on harmful effects of tobacco, money laundering (VOVworld) – National Assembly deputies today continued their discussion of a draft law on countering the harmful effects of tobacco at the ongoing third session of the 13th National Assembly. Most agreed that it is essential to establish a fund to mitigate tobacco’s effects, to define the responsibilities of tobacco companies and tobacco users, and to broaden the fight against tobacco.