(Luận văn) money laundering awareness and preventing at commercial banking system in ho chi minh city

MINISTRY OF EDUCATION AND TRAINING to UNIVERSITY OF ECONOMICS HO CHI MINH CITY tn gh p ie n w a lo d th yj ip uy CHUNG PHỐI DIỆU an lu la n va fu MONEY LAUNDERING – AWARENESS AND m ll oi PREVENTING AT COMMERCIAL BANKING nh at SYSTEM IN HO CHI MINH CITY z z k jm ht vb MASTER THESIS om l.c gm an Lu n va Faculty of Banking Ho Chi Minh City – 2011 re y te 2011 MINISTRY OF EDUCATION AND TRAINING to UNIVERSITY OF ECONOMICS HO CHI MINH CITY tn gh p ie n w a lo d th yj ip uy an lu la CHUNG PHỐI DIỆU va n MONEY LAUNDERING – AWARENESS AND fu oi m ll PREVENTING AT COMMERCIAL BANKING at nh SYSTEM IN HO CHI MINH CITY z z MAJOR: BANKING AND FINANCE om l.c gm an Lu HỒ VIẾT TIẾN Ph.D k jm SUPERVISOR ht MASTER THESIS vb MAJOR CODE: 60.31.12 n va re Faculty of Banking Ho Chi Minh City y te 2011 CERTIFICATE to tn gh p ie I assure that the contents and figures in this research are from my study and n w performance and have been properly quoting a lo d th yj The writer ip uy an lu la va n Chung Phoi Dieu fu oi m ll at nh z z k jm ht vb om l.c gm an Lu n va re y te TABLE OF CONTENT to tn gh p ie ABSTRACT ACKNOWLEDGE n w ABBREVIATION a lo LIST OF TABLES d th Chapter Introduction to the study Rationale of the study: 1.2 Statement of the problem: 1.3 Research questions: .2 1.4 Research objectives: 1.5 Scope and limitation of the study: yj 1.1 ip uy an lu la n va Scope: 1.5.2 Limitation: fu 1.5.1 oi m ll Methodology of the study: 1.7 Structure of the study: at nh 1.6 z z Chapter Overview of Money laundering (ML) and Anti Money laundering vb k jm 2.1 ht (AML) Basic information about ML: Definition of ML: 2.1.2 The cycle of ML .8 2.1.3 The impact of ML and the importance of AML: 10 2.1.4 Examples of suspicious transactions: 12 om l.c Lu The worldwide experience on enforcement of AML: 13 an 2.2 gm 2.1.1 The AML enforcement in some countries: 19 Research design: 23 y 3.1 te Chapter Research Methodology 23 re 2.2.2 n Some typical organizations set up and promote standards on AML: 13 va 2.2.1 3.2 Data sources and collection 25 to tn gh 3.2.1 The secondary data: 25 3.2.2 The primary data: 26 p ie 3.3 Data analysis and presentation: 29 Chapter The current awareness and preventing on ML at commercial banks in n 33 4.1 Overview of ML and AML in Vietnam banking system: 33 w HCMC a lo d Overview of legal framework of ML and AML on Vietnam banking th 4.1.1 yj uy system: .33 Overview of commercial banking system in HCMC: 37 4.1.3 ML & AML in Vietnam banking system in general: .39 ip 4.1.2 lu la The necessary of AML in Vietnam: 41 4.3 The achievement of AML in banking sector: 43 an 4.2 n va Legal system: 43 4.3.2 Government management and monitoring of ML and AML: .43 4.3.3 Methods of AML: 43 4.3.4 AML international cooperation: 44 fu 4.3.1 oi m ll at nh z The main constraints of ML and AML in Vietnam banking sector: 44 z 4.4 vb Largely cash-based economy: 44 4.4.2 Deficiency of ML and AML law and regulations: 45 4.4.3 ML and AML - new concept to Vietnam: 45 4.4.4 The competition between banks: 46 4.4.5 The inconsistence implementation of ML and AML procedures between k jm ht 4.4.1 om l.c gm 4.4.6 Lack of the on site inspection undertaken to date by financial an Lu banks: .47 y HCMC: 49 te The evaluation of awareness and preventing ML at commercial banks in re 4.5 Lack of the information exchanging with international departments: 49 n 4.4.7 va supervisors: 48 to tn gh 4.5.1 Hypothesis testing results: 49 4.5.2 The AML policy and AML department in each sector: 54 4.5.3 The current training in each sector: .55 p ie Chapter The implications for the banking systems on ML & AML 58 5.1 Macro implications: 58 Improving the legal framework on ML and AML in Vietnam: .58 a lo Popularizing and promoting the knowledge of ML and AML to the n w 5.1.1 5.1.2 d th public: .59 yj Establishing the closely and prudently monitoring: 60 uy 5.1.3 Enhancing international relationship to corporate to international AML: 62 lu la Micro implications: 62 an 5.2 ip 5.1.4 va Learning and sharing experience between commercial banks lead by SBV: 62 5.2.2 Establishing and strengthening the missions of AML department: 63 5.2.3 Popularizing and enforcing the AML policies and procedures in each bank: 63 5.2.4 Conducting on-going training to staffs: .68 n 5.2.1 fu oi m ll at nh z z vb k jm ht CONCLUSION 70 REFERENCE 71 om l.c gm APPENDIX an Lu n va re y te ABSTRACT to tn WÕX gh p ie Nowadays, people in the world gradually recognize that there is serious risks w n exist when the criminal activity that involves crime money is transferred or a lo d “laundered” successfully to become the legitimate fund It could bring to large th threat to the economy as such huge “legitimate” fund which in turn could control yj ip uy again the economy Especially, banking system may be one of the place for these la money laundering activities to be happened easily incase there are loose of an lu controlling and vigilance for this risk The need for enhancing the anti money laundering regime and made the international financial systems transparency and va n integrity is more important than ever to ensure and limit the public funds mobilized fu oi laundering m ll will not be the laundered or criminal funds or the banks will not be used for money nh at As a part in the global economy integration and global financial systems, z z Vietnam is also under the trend to build the fence to prevent for the money vb ht laundering We are here to assess for the current situation of the money laundering k jm and anti money laundering regime in Vietnam commercial banking sector in order gm to find out for any implications to improve the current regime to be as strong as we om l.c could Of course, the effective way is to give rise to banks and personal responsibility To detect, prevent ML and protect the financial community, every an Lu financial institution and every employee in the financial sector has a role to play n va re y te (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city ACKNOWLEDGE to tn WÕX gh p ie Firstly, I would like to express my deep and sincere appreciation to my w n research Supervisor, Dr Ho Viet Tien for his valuable guidance and comments as a lo d well as his experience sharing and encouragements throughout my research course th I would like to thank to the banking experts from commercial banks in Ho Chi Minh yj ip uy City who are enthusiasm and helpful to share their knowledgeable opinions and la experience Moreover, the gratitude is also addressed to all of the banking staffs, an lu banking friends and classmates who fervently participated in the survey Last but not least, my special appreciation is extended to all instructors at Faculty of va n Banking and Postgraduate Faculty, University of Economics Ho Chi Minh City for fu oi m ll their precious coaching and supporting during my study at complete this research nh Once again, thanks for all my beloveds for your ceaseless support to z z k jm ht vb om l.c gm an Lu n va re y te (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city 24 Designated non-financial businesses and professions should be subject to regulatory and to supervisory measures as set out below tn a) Casinos should be subject to a comprehensive regulatory and supervisory regime that gh ensures that they have effectively implemented the necessary anti-money laundering and p ie terrorist-financing measures At a minimum: + casinos should be licensed; w n + competent authorities should take the necessary legal or regulatory measures to prevent a lo criminals or their associates from holding or being the beneficial owner of a significant or d th controlling interest, holding a management function in, or being an operator of a casino yj uy + competent authorities should ensure that casinos are effectively supervised for compliance ip with requirements to combat money laundering and terrorist financing lu la an b) Countries should ensure that the other categories of designated non-financial businesses n va and professions are subject to effective systems for monitoring and ensuring their compliance fu with requirements to combat money laundering and terrorist financing This should be m ll performed on a risk-sensitive basis This may be performed by a government authority or by oi an appropriate self-regulatory organisation, provided that such an organisation can ensure that nh z financing at its members comply with their obligations to combat money laundering and terrorist z vb k jm ht 25.* The competent authorities should establish guidelines, and provide feedback which will assist financial institutions and designated non-financial businesses and professions in particular, in detecting and reporting suspicious transactions om l.c gm applying national measures to combat money laundering and terrorist financing, and in Lu C INSTITUTIONAL AND OTHER MEASURES NECESSARY IN SYSTEMS an FOR COMBATING MONEY LAUNDERING AND TERRORIST FINANCING re y te 26.* Countries should establish a FIU that serves as a national centre for the receiving (and, n va ¾ Competent authorities, their powers and resources as permitted, requesting), analysis and dissemination of STR and other information regarding FATF 40 Recommendations‘ potential money laundering or terrorist financing The FIU should have access, directly or indirectly, on a timely basis to the financial, administrative (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city and law enforcement information that it requires to properly undertake its functions, including the analysis of STR to tn 27.* Countries should ensure that designated law enforcement authorities have responsibility gh for money laundering and terrorist financing investigations Countries are encouraged to p ie support and develop, as far as possible, special investigative techniques suitable for the investigation of money laundering, such as controlled delivery, undercover operations and w n other relevant techniques Countries are also encouraged to use other effective mechanisms a lo such as the use of permanent or temporary groups specialised in asset investigation, and co- d th operative investigations with appropriate competent authorities in other countries yj uy ip 28 When conducting investigations of money laundering and underlying predicate offences, la competent authorities should be able to obtain documents and information for use in those lu an investigations, and in prosecutions and related actions This should include powers to use n va compulsory measures for the production of records held by financial institutions and other fu persons, for the search of persons and premises, and for the seizure and obtaining of oi m ll evidence nh at 29 Supervisors should have adequate powers to monitor and ensure compliance by financial z institutions with requirements to combat money laundering and terrorist financing, including z vb the authority to conduct inspections They should be authorised to compel production of any k jm ht information from financial institutions that is relevant to monitoring such compliance, and to impose adequate administrative sanctions for failure to comply with such requirements gm 30 Countries should provide their competent authorities involved in combating money om l.c laundering and terrorist financing with adequate financial, human and technical resources an high integrity Lu Countries should have in place processes to ensure that the staff of those authorities are of re y te have effective mechanisms in place which enable them to co-operate, and where appropriate n va 31 Countries should ensure that policy makers, the FIU, law enforcement and supervisors co-ordinate domestically with each other concerning the development and implementation of policies and activities to combat money laundering and terrorist financing (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city 32 Countries should ensure that their competent authorities can review the effectiveness of their systems to combat money laundering and terrorist financing systems by maintaining to comprehensive statistics on matters relevant to the effectiveness and efficiency of such tn systems This should include statistics on the STR received and disseminated; on money gh laundering and terrorist financing investigations, prosecutions and convictions; on property p ie frozen, seized and confiscated; and on mutual legal assistance or other international requests for co-operation n w a lo ¾ Transparency of legal persons and arrangements d th 33 Countries should take measures to prevent the unlawful use of legal persons by money yj uy launderers Countries should ensure that there is adequate, accurate and timely information on ip the beneficial ownership and control of legal persons that can be obtained or accessed in a la timely fashion by competent authorities In particular, countries that have legal persons that lu an are able to issue bearer shares should take appropriate measures to ensure that they are not n va misused for money laundering and be able to demonstrate the adequacy of those measures fu Countries could consider measures to facilitate access to beneficial ownership and control m ll information to financial institutions undertaking the requirements set out in Recommendation oi at nh z 34 Countries should take measures to prevent the unlawful use of legal arrangements by z vb money launderers In particular, countries should ensure that there is adequate, accurate and k jm ht timely information on express trusts, including information on the settlor, trustee and beneficiaries, that can be obtained or accessed in a timely fashion by competent authorities gm Countries could consider measures to facilitate access to beneficial ownership and control information to financial institutions undertaking the requirements set out in Recommendation om l.c an Lu D INTERNATIONAL CO-OPERATION re y te Vienna Convention, the Palermo Convention, and the 1999 United Nations International n va 35 Countries should take immediate steps to become party to and implement fully the Convention for the Suppression of the Financing of Terrorism Countries are also encouraged to ratify and implement other relevant international conventions, such as the 1990 Council of (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and the 2002 Inter-American Convention against Terrorism to tn ¾ Mutual legal assistance and extradition gh 36 Countries should rapidly, constructively and effectively provide the widest possible range p ie of mutual legal assistance in relation to money laundering and terrorist financing investigations, prosecutions, and related proceedings In particular, countries should: w n a) Not prohibit or place unreasonable or unduly restrictive conditions on the provision of a lo mutual legal assistance d th yj b) Ensure that they have clear and efficient processes for the execution of mutual legal ip uy assistance requests la an lu c) Not refuse to execute a request for mutual legal assistance on the sole ground that the offence is also considered to involve fiscal matters n va fu d) Not refuse to execute a request for mutual legal assistance on the grounds that laws require oi m ll financial institutions to maintain secrecy or confidentiality nh Countries should ensure that the powers of their competent authorities required under at z Recommendation 28 are also available for use in response to requests for mutual legal z vb assistance, and if consistent with their domestic framework, in response to direct requests k jm ht from foreign judicial or law enforcement authorities to domestic counterparts To avoid conflicts of jurisdiction, consideration should be given to devising and applying om l.c justice in cases that are subject to prosecution in more than one country gm mechanisms for determining the best venue for prosecution of defendants in the interests of an notwithstanding the absence of dual criminality Lu 37 Countries should, to the greatest extent possible, render mutual legal assistance re y te within the same category of offence or denominate the offence by the same terminology, n should be deemed to be satisfied regardless of whether both countries place the offence va Where dual criminality is required for mutual legal assistance or extradition, that requirement provided that both countries criminalise the conduct underlying the offence (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city 38.* There should be authority to take expeditious action in response to requests by foreign countries to identify, freeze, seize and confiscate property laundered, proceeds from money to laundering or predicate offences, instrumentalities used in or intended for use in the tn commission of these offences, or property of corresponding value There should also be gh arrangements for coordinating seizure and confiscation proceedings, which may include the p ie sharing of confiscated assets w n 39 Countries should recognise money laundering as an extraditable offence Each country a lo should either extradite its own nationals, or where a country does not so solely on the d th grounds of nationality, that country should, at the request of the country seeking extradition, yj uy submit the case without undue delay to its competent authorities for the purpose of ip prosecution of the offences set forth in the request Those authorities should take their la decision and conduct their proceedings in the same manner as in the case of any other offence lu an of a serious nature under the domestic law of that country The countries concerned should fu efficiency of such prosecutions n va cooperate with each other, in particular on procedural and evidentiary aspects, to ensure the m ll Subject to their legal frameworks, countries may consider simplifying extradition by allowing oi direct transmission of extradition requests between appropriate ministries, extraditing persons nh at based only on warrants of arrests or judgments, and/or introducing a simplified extradition of z consenting persons who waive formal extradition proceedings z k jm ht vb ¾ Other forms of co-operation 40.* Countries should ensure that their competent authorities provide the widest possible gm range of international co-operation to their foreign counterparts There should be clear and effective gateways to facilitate the prompt and constructive exchange directly between om l.c counterparts, either spontaneously or upon request, of information relating to both money an unduly restrictive conditions In particular: Lu laundering and the underlying predicate offences Exchanges should be permitted without n re request is also considered to involve fiscal matters va a) Competent authorities should not refuse a request for assistance on the sole ground that the confidentiality as a ground for refusing to provide co-operation y te b) Countries should not invoke laws that require financial institutions to maintain secrecy or (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city c) Competent authorities should be able to conduct inquiries; and where possible, investigations; on behalf of foreign counterparts to tn Where the ability to obtain information sought by a foreign competent authority is not within gh the mandate of its counterpart, countries are also encouraged to permit a prompt and p ie constructive exchange of information with non-counterparts Co-operation with foreign authorities other than counterparts could occur directly or indirectly When uncertain about w n the appropriate avenue to follow, competent authorities should first contact their foreign a lo counterparts for assistance Countries should establish controls and safeguards to ensure that d th information exchanged by competent authorities is used only in an authorised manner, yj ip uy consistent with their obligations concerning privacy and data protection an lu la n va fu oi m ll at nh z z k jm ht vb om l.c gm an Lu n va re y te (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city to APPENDIX RATING OF COMPLIANCE WITH FAFT RECOMMENDATIONS tn gh p ie Legal Systems n w a lo ML Offence 14 Protection & no tipping-off P P 15 Internal controls, compliance & audit N P 16 DNFBP – R.13-15 & 21 N 17 Sanctions P d P th ML offence – mental element and corporate liability yj ip uy an L n va Secrecy laws consistent with the Recommendations lu la Confiscation and provisional measures N 18 Shell banks P Politically exposed persons N 19 Other forms of reporting Correspondent banking N 20 Other DNFBP & secure transaction techniques New technologies & non face-to-face business N 21 Special attention for higher risk countries fu Customer due diligence m ll oi C nh at L z z k jm ht vb N/A 22 Foreign branches & subsidiaries N/A gm Third parties and introducers N P 23 Regulation, supervision and monitoring 11 Unusual transactions P 24 DNFBP - regulation, supervision and monitoring N 12 Designated Non-Financial Businesses and Professions (DNFBP)– R.5,6, 8-11 N 25 Guidelines & Feedback N 13 Suspicious transaction P om l.c P 10 Record keeping an Lu n va re y te (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city (Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city(Luận.văn).money.laundering.awareness.and.preventing.at.commercial.banking.system.in.ho.chi.minh.city