How are money laundering offenses punished?

Based on the provisions on money laundering in Article 324 of the 2015 Penal Code (amended and supplemented in 2017), money laundering can be understood as the culpable act of directly or indirectly concealing the illegal origin and legitimizing money and assets obtained by a criminally liable individual, causing significant danger to society, violating criminal law, and subject to punishment.

CThe money laundering activities listed include:

- Directly or indirectly participating in financial, banking, or other transactions aimed at concealing the illegal origin of money or assets obtained through one's own criminal activities, or knowing or having reason to believe that they were obtained through the criminal activities of others;

- Using money or assets obtained through one's own criminal activities, or knowing or having reason to believe that they were obtained through criminal activities committed by others, to conduct business or other activities;

- Concealing information about the origin, true nature, location, movement, or ownership of money or assets obtained through one's own criminal activity, or knowing or having reason to believe that they were obtained through the criminal activity of others, or obstructing the verification of such information;

- Committing any of the acts specified in points a, b, and c of this clause with respect to money or property known to have been obtained from the transfer, assignment, or conversion of money or property resulting from another person's commission of a crime.

Individuals who commit money laundering will be prosecuted for the crime of money laundering as stipulated in Clauses 1, 2, 3, 4, and 5 of Article 324 of the Penal Code.2015 (revised 2017), specifically:

- Anyone who commits any of the acts considered as money laundering mentioned above shall be sentenced to imprisonment from 1 to 5 years.

- Individuals convicted of money laundering shall be sentenced to imprisonment from 5 to 10 years if any of the following conditions are met: Organized crime; Abuse of position or authority; Committing the crime two or more times; Professional nature of the crime; Using sophisticated and cunning methods; Money or assets obtained through the crime valued from VND 200,000,000 to less than VND 500,000,000; Illegally profiting from VND 50,000,000 to less than VND 100,000,000; Dangerous recidivism.

- Committing an offense falling under one of the following circumstances shall be punishable by imprisonment from 10 to 15 years: Money or assets obtained through the crime are valued at 500,000,000 VND or more; Illegally profiting 100,000,000 VND or more; Causing adverse impact on the safety of the national financial and monetary system.

- For money laundering offenses, those who prepare to commit the crime may also face imprisonment ranging from 6 months to 3 years.

- In addition, the following supplementary penalties apply to those convicted of money laundering: a fine of VND 20,000,000 to VND 100,000,000, prohibition from holding office, practicing a profession, or engaging in certain work for a period of 1 to 5 years, or confiscation of part or all of their assets.

The penalties for legal entities committing money laundering offenses are stipulated in Clause 6, Article 324 of the 2015 Penal Code (amended in 2017), specifically:

- For legal entities committing money laundering offenses, the maximum penalty that can be applied is a fine.10,000,000,000copper arrived20,000,000,000or suspension of operations for a period of 1 to 3 years.

- Commercial legal entities may also be fined from VND 1,000,000,000 to VND 5,000,000,000, banned from doing business, banned from operating in certain fields, or banned from raising capital for a period of 1 to 3 years.

A commercial legal entity established solely for the purpose of committing crimes will have all its operations permanently suspended.