#VietnamNews: State Bank Of Vietnam Suggests Financial Centers Report Electronic Transactions Over US$1,000

 #VietnamNews: State Bank of Vietnam suggests financial centers report electronic transactions over US$1,000

The State Bank of Vietnam (SBV) has recently opened a public consultation on a draft agreement on the regulation of the International Financial Center (IFC), which requires that all electronic transactions above US$1,000 occurring in the center be reported as required. The draft is a concrete initiative to implement Resolution 222 of the National Assembly on building an international financial center.

The draft specifies the mechanism for managing capital flows: capital is allowed to flow from the center to other regions of Vietnam, within the center and freely with the world, but capital flows into the center from other regions of Vietnam are prohibited. The move aims to build a legal framework of special policy advantages to attract international capital and ensure financial security at the same time

The State Bank of Vietnam has particularly reminded that the opening up of international financial centers may bring money laundering risks, and that the system of reporting electronic transactions of more than 1,000 US dollars is a core solution to enhance transparency and comply with international anti-money laundering standards.