There’re reasons to say dirty money is washed on the bourse

VietNamNet Bridge – The warning given by Deputy Governor Phung Khac Ke about the money laundering on the stock market has drawn special attention from National Assembly’s deputies. VietNamNet reports the opinions of three deputies Duong Thu Huong, Nguyen Ngoc Tran and Nguyen Viet Chuc about this issue.

Duong Thu Huong, Deputy Chairwoman of the National Assembly’s Economics and Budget Committee:

It is reasonable to say that dirty money is being washed in the stock market. I just think that it is simply for rich people to declare their assets now: they can state that they become rich because they earn fat profit from the stock market, not because they are involved in corrupt practices. The stock market proves to be a good way to wash dirty money.

What should we do to prevent money laundering? Will this be an issue to be put under the supervision of the National Assembly’s Economics and Budget Committee?

I have to say that I still cannot think of any suitable solution. How can you control the sources of the money which the investors inject in securities deals?

Meanwhile, the Economics and Budget Committee just makes the supervision over economic issues, while the Judiciary Committee will be responsible for corruption-related problems.

One of the mentioned solutions is to tax the earnings from securities investment deals. It is legal to tax these earnings as the high income is the subject to tax. However, the problems are how to tax and when to tax. Now investors can earn profit from securities investment deals and they are taxed, but what will happen if they make losses with other deals? How can the taxation body calculate the actual earnings of investors?

Nguyen Ngoc Tran, Deputy Chairman of National Assembly’s Foreign Affairs Committee: There are reasons to say that dirty money is being washed in the stock market

Deputy Governor Phung Khac Ke has given warnings about money laundering in the stock market. What do you think about this?

Mr Ke is an expert and he has deep knowledge about the stock market. I think he has every reason to say that.

When relevant ministries compiled the securities bill, I once emphasized the need to control the undesired effects of the stock market. It is necessary to control the short term capital flows. The compilation committee said that the Government would have the measures to control the undesired effects. I think it is the right time to apply the Securities Law to prevent money laundering.

It is not good when the Government tries to find out suitable solutions to control the stock market and its efforts have been criticized as hindering the stock market development.

But experts said that it is not the right time for the Government to interfere the market?

When will be the right time? We would rather to see the market grow more slowly than lose control over the market. Big sums of money are being injected in the stock market. It could only be the dirty money which is being washed by the stock market.

What should we do to prevent money laundering?

The State Securities Commission (SSC) must suggest solutions based on the Securities Law. I think this is also an issue the National Assembly should put under its supervision in order to prevent and combat corruption and money laundering in the stock market.

Nguyen Viet Chuc, Deputy Chairman of the National Assembly’s Culture and Youth Education: Evidence of money laundering must be found

Have you heard about the warning by Deputy Governor Phung Khac Ke about the money laundering in the stock market?

If it is true, the stock market must be inspected. We have Government inspectors, State inspectors and inspectors at different levels, we have the Anti-corruption Law. We must take drastic measures to fight against corruption.

What will the National Assembly do to urge the Government to inspect the activities on the stock market?

If the information is accurate, I think the Economics and Budget Committee will jump into the bandwagon. However, I must remind you that this is a very sensitive information, it must not be released arbitrarily. We must find out evidence before making final conclusions.

Ha Yen

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