Money laundering is often related to illegal arms trafficking, terrorist financing, human trafficking, embezzlement, insider trading, gambling or cross-border prostitution rings organized by organized criminals. Large tissue made. Therefore, money laundering prevention is a priority for all countries in the world, including Vietnam.
Speaking at the conference "Regulations on preventing and combating money laundering and the role of preventing and combating money laundering in cryptocurrency transactions", Mr. Nguyen Doan Hung, Vice Chairman of Vietnam Blockchain Association, evaluated the prevention work. Anti-money laundering is a priority for all countries in the world, including Vietnam.
According to Mr. Hung, the chain technology industry has opened a new era of technology and has a profound impact on many areas of the economy thanks to important features such as security and privacy.
In fact, blockchain technology has been applied in many fields, from banking and finance, to e-commerce, health care, sports entertainment, insurance, logistics and many other service industries.
Grand View Research's report shows that although very young, the global chain technology market will reach a value of more than 1,400 billion USD by 2030 with a Compound Annual Growth Rate (CAGR) of nearly 86%/year in period 2022 - 2030.
Mr. Hung assessed that this strong growth not only brings special economic and social benefits but also creates invisible problems and challenges in management, especially for small businesses. cross-border money laundering activities.
Money laundering is a criminal act defined as the legalization of assets obtained through crime. According to a report by the Bank for International Settlements (BIS) , the total value of money laundering activities globally each year can be equal to 2-5% of world GDP, equivalent to 2000 - 5000 billion USD and this is a Estimates are considered to be quite modest.
“In particular, money laundering is often related to illegal arms trading, terrorist financing, human trafficking, embezzlement, insider trading, gambling or cross-border prostitution rings by criminals. implemented by large-scale organizations. Therefore, money laundering prevention is a priority for all countries in the world, including Vietnam from a very early age," Mr. Nguyen Doan Hung affirmed.
The United States was the first country to promulgate anti-money laundering regulations called the Bank Secrecy Act (BSA) since 1970, to identify and prevent money laundering activities.
Since then, most countries in the world have issued regulations related to money laundering prevention and combat and continuously supplemented and updated these regulatory systems to keep up with changes. of the practical situation.
However, when blockchain technology was born, with it the risk of increasing financial crimes and money laundering using high technology in a sophisticated, complex and fast-paced manner, most countries There is no legal corridor to keep up with this change.
Up to now, only a few countries and territories have promptly issued legal regulations to prevent financial crimes using high technology and blockchain technology such as the European Union (EU) with its ethics. Markets for Crypto-Assets Act (MiCA). However, it will not be until 2024 that MiCA will officially take effect.
Other dynamic economies such as the US, South Korea, Hong Kong (China), and the United Arab Emirates have also issued many regulations to increase transparency, ensure legal compliance and security. safe for users while fulfilling AML/CFT (anti-money laundering/anti-terrorist financing) obligations.
In Vietnam, Mr. Nguyen Doan Hung pointed out that, due to the lack of a specific legal framework, and the lack of processes and high-quality personnel in cryptocurrency and digital assets, even though the Law on Prevention and Control Money Laundering 2022 has taken effect from March 1, 2023, but credit institutions and state agencies are still confused in handling acts related to this new type of asset.
Faced with that situation, from the beginning of 2023, the Vietnam Blockchain Association announced an anti-fraud project called ChainTracer, one of four key programs, in cooperation with the social enterprise company Anti-Fraud, was founded by Mr. Ngo Minh Hieu (Hieu PC).
ChainTracer's mission is to provide solutions to track onchain and offchain blockchain data, detect signs of fraud in digital assets, and become a bridge for traditional asset users when switching to asset ownership. digital based on blockchain technology.
The purpose of ChainTracer is to promote transparency and openness of projects in Vietnam and internationally, contributing to the prevention of high-tech crimes related to blockchain activities . At the same time, this is also a place for the community to check the transparency of a blockchain project, allowing proactive monitoring and helping to avoid conflicts of interest in providing information.
“However, the actions of the Vietnam Blockchain Association alone are not enough to effectively implement anti-money laundering activities, but need to change the perception and vision from the leaders of banks and financial institutions themselves. government and determination from state management agencies," said Vice Chairman of the Vietnam Blockchain Association.
Mr. Nguyen Doan Hung expressed that the Vietnam Blockchain Association wishes to Chia with individuals and organizations a comprehensive view of the risk of money laundering in digital asset transactions, current anti-money laundering methods and Join hands to prevent money laundering with agencies and departments.
Conference " Regulations on preventing and combating money laundering and the Vai of preventing and combating money laundering in cryptocurrency transactions" was held this morning, September 20, in Hanoi, within the framework of implementing the Law on Prevention and Control of Money Laundering. Anti-money laundering, Decree No. 19/2023/ND-CP dated April 28, 2023 detailing a number of articles of the Law on Prevention and Combat of Money Laundering and Circular No. 09/2023/TT-NHNN dated July 28/ 2023 guiding the implementation of the Law on Prevention and Combat of Money Laundering.
According to Money and Financial Markets Magazine
