Vietnam to release strict regulation on cashless payment

The Standing Economic Committee of the National Assembly yesterday held a meeting to review the draft amended Law on Anti-Money Laundering (AML).

A type of cashless payment (Photo: VNA)

Former Standing member of the National Assembly’s Economic Committee Do Van Sinh commented that the regulation on collecting and processing data is the key; yet the law does not mention which data types to collect to avoid being abused or overloaded for the enforcement unit.

Another member of the Committee, Hoang Van Cuong, voiced that the law amendment must ensure anti-corruption. With that in mind, any transactions worth over VND100 million (US$4,275) must be done via a bank, and real estate purchases must be carried out in a cashless way. Functional agencies then only need to carefully monitor money sources of banks and compare these data with the self-declaration of subjects when necessary. He stressed that this strict regulation can also prevent money laundering and control inflation.

As to real estate transactions, Pham Van Thinh from Bac Giang Province proposed that the draft law should force the input of the real value of these transactions on corresponding contracts, besides cashless payment.

Vice Chairman of the National Assembly Nguyen Duc Hai admitted that it is a huge workload to review all of the content of the draft law in just one meeting. He then asked that related agencies cooperate with one another to timely complete necessary documents for the draft law, along with detailed explanation of all parts in this law so that all delegates obtain a thorough view of the law before deciding to approve or not.

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