moneylaunderingbulletin.com – Vietnam is fertile ground for launderers. Weak oversight and regulation of the financial sector do not help, Michael Tatarski finds in Ho Chi Minh City.
Predicates aplenty
According to the US State Department’s International Narcotics Control Strategy Report (INCSR) from March 2017 [1], Vietnam’s exposure to illegal financial activities will probably grow in the future as its economy continues to diversify and international trade increases.
The report states that “sources of illicit funds in Vietnam include public corruption, fraud, gambling, prostitution, counterfeiting of goods, and trafficking in persons, wildlife, and drugs”. Remittances sent to the country from overseas Vietnamese crime groups are a prominent source of illegal funds, particularly income from the shipment of narcotics and wildlife products.
