Vietnam Money Laundering Case: 21 people were arrested in Kaohsiung as part of an ongoing investigation into an international money-laundering crime ring. Earlier this month it was brought to light that a group of individuals were participating in an operation that handled around NT$4.5 billion (US$146.1 million) over the past 10 months. This news comes after the alarming rise of illegal gambling activity spreading across Vietnam.
Prosecutors stated that the crime ring’s leader 40-year-old Shen,(沈), ran the operation from a residential building in Kaohsiung’s Lingya District (苓雅). It was here that he worked with criminal groups who he hired as employees to run illegal online casino sites in Vietnam. All 21 of the participating criminals face illegal gambling and money laundering charges, which could land them up to 7 years in prison.
Vietnam Money Laundering Case: Further Developments
Lin Chien-Chun (林建均) a representative of the Kaohsiung Police Department’s Criminal Investigation Corps, revealed that a search of Shen’s unit led to 10 computers, 108 mobile phones and a telecommunication network system to be seized. The confiscated equipment revealed records and receipts substantiating the money laundering claims.
Following a thorough investigation, data revealed that the crime ring had handled NT$4.5 billion during Shen’s 10-month operation. Additionally, all mobile phones were equipped with Vietnamese SIM cards allowing individuals to call and enter a passcode to move gambling profits. Following questioning, Shen was released on bail of NT$500,000, while the other members of the crime ring were released on NT$30,000 to NT$80,000 bail depending on their individual involvement.
According to Lin, Shen’s group accepted payments from Vietnam, where money was processed via international bank accounts and shell companies to illegally process earnings. Said profits were derived from Vietnamese casinos and online gambling sites
As it stands, gambling in this jurisdiction is virtually illegal, with citizens being strictly prohibited from this practice, lest they want to face severe legal repercussions. But, as with many things, there are often loopholes. For those in search of the best Vietnam no deposit casino codes, there’s the possibility to gain access through the right VPN setup. Nevertheless, one must tread cautiously and understand the risks involved.
Vietnam Money Laundering Case
Unfortunately, the number of cases involving money laundering in Vietnam is rapidly increasing, reaching over 11,000 cases on average per year. These statistics are quite alarming given that in some cases the appropriated money amounts to trillions of Vietnamese dong. While this type of crime may not be new to Vietnam, technological innovations such as online payment systems, have given rise to new forms of money laundering.
As such against the backdrop of the ongoing Fourth Industrial Revolution, Vietnam has been cracking down on all forms of corruption this past year. Dubbed a ‘blazing furnace’, Vietnam’s efforts have been met with some controversy as this movement has seen hundreds of prevalent businessmen and officials tied up. This has had a worrying effect on economic activity as it has halted numerous projects, with administrators reluctant to approve anything for fear of being liable should any irregularities occur.
Additionally, this could impact the country’s plans to persuade Western manufacturing companies to move their operations from China to Vietnam, amid ongoing tension between Washington and Beijing following the Covid-19 pandemic.
Also Read: East Rising: The Expanding Relationship Between Vietnam and Trinidad and Tobago
New Leadership
The country’s sweeping anti-graft campaign has seen a reshuffle of Vietnam’s top leadership. Their new president Vo Van Thuong was appointed just last month following the resignation of his predecessor in January, along with two deputy prime ministers. This news comes as foreign investors eagerly await to see if the new leadership will ease the country’s long-running anti-corruption campaign and help usher in a new era for Vietnam’s flailing economy.
Unfortunately, the country’s attempts to cut down on crime have created an environment of fear which has led to officials refusing to distribute public funding, throwing a wrench in the functioning of government. They have also been reluctant to greenlight procurement and investment resulting in a shortage of essential goods.
Although the impact of the country’s new president remains to be seen, one thing is for certain the people of Vietnam cannot continue to live in fear of being accused of a crime they did not commit.
