Legal Problems Related to Self-Laundering in Vietnam

Abstract

Money laundering consists of self-laundering and third-party laundering. Self-laundering (from here referred to as SL) is defined as a situation where a person who has committed a crime tries to hide the illicit origins of the proceeds from that crime. Article 324 of the Vietnam Criminal Code 2015 regulates self-laundering crimes, explained in more detail in Judicial Council Resolution 03/2019/NQ-HDTP. Although the criminalization is expanded to self-laundering and cases with a high risk of money laundering is increasing, the number of cases successfully prosecuted remains low. Therefore, obstacles to criminalizing self-laundering are studied to ensure its regulation functions efficiently. This paper explores legal problems related to self-laundering in Vietnam in comparison with fundamental principles of the Vietnamese legal system and other related international conventions, and recommends some ways to remove obstacles. There are three kinds of self-laundering and its criminalization protects three legal interests, namely the legal interests protected by the predicate crime, the administration of justice, and the economic order. Understanding theories of criminalization and general criminal justice in the Vietnamese legal system, my paper explores the application of principles to three forms of self-laundering and the legal interests protected. The self-laundering regulation violates some fundamental doctrines of the Vietnamese legal system, but, in my opinion, the criminalization of self-laundering is necessary because money laundering is a global issue and its regulation must be unified.