Vietnamese Court Convicts Five in Major Money Laundering Case

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In a landmark case, the People's Court of Hải Dương has concluded a significant trial involving a money laundering ring operated across northern Vietnam. The trial revealed startling details about an intricate network that funnelled illicit funds through Vietnamese bank accounts into digital cryptocurrencies, further masking their origins.

 

Between December 2023 and April 2024, in Hải Dương and neighbouring areas, Hoàng Đình Hiển and Nguyễn Văn Hậu orchestrated the acquisition and sale of 132 bank accounts. These accounts eventually ended up with three Taiwanese nationals: Tai Ching Yu, Lin Xin Ying, and Wang Pei De. The trio based themselves in an apartment in Bắc Ninh City, where they executed their operations.

 

 

 

The group received over US$6.5 million from overseas accounts. This money was converted into more than VNĐ162.6 billion and mostly transferred into cryptocurrencies, with the intent to hide its criminal origins. Hải Dương's police managed to intercept and seize over VNĐ2 billion before conversion.

 

The court handed down hefty sentences, with the Taiwanese operatives receiving 14 years each for their roles in storing illegal bank information and money laundering. The Vietnamese accomplices, Hậu and Hiển, were sentenced to 1 year and 3 months for trading bank account data. This case underscores the serious clampdown by Vietnamese authorities on financial crimes and their commitment to cross-border cooperation in tackling money laundering, reported Vietnam News.

 

-- 2025-03-17