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Wednesday, 28 March 2018

Viet Nam Block the dump money through the casino

Eight casino in VN won 1.179 billion VND

There are currently eight casino projects in operation for foreigners with a total of 408 tables and 4,579 licensed players.

These include Hai Phong International Travel Co., Hoang Gia - Quang Ninh International Joint Stock Company, Lao Cai International Hotel Joint Venture Company, Silvershore International Travel & Leisure Limited Company Hoang Dat - Da Nang, Ho Tram (Ba Ria - Vung Tau), South Hoi An (Quang Nam), Hong Van Hotel.

Of these, Ho Tram (licensed 180 tables, 2,000 units) and Nam Hoi (licensed 140 tables, 2,000 machines) are currently the two largest casino projects.

The number of casino businesses will probably not stop at 8, as in the past, there has been a run of casino investment in the country, silent but strong, with the participation of many businesses large real estate, infrastructure available in high-end tourist areas.
Revenure of lottery companies in VN
Turnover from lottery activities in Vietnam

Earlier, a report from Saigon Securities Incorporated (SSI) said that Vietnam's active casinos are having a great success thanks to the number of visitors from China. However, this source of customers seems to have fluctuated over the years. Total revenue in 2014 from eight casino businesses in Vietnam is up to VND1,379 billion, with a tax payment of VND336 billion.

In the economic development strategy from now to 2020, Vietnam will have some special economic zones that allow the casino business so that the number of casino will increase and is a great challenge for the authorities. physical.

Money laundering

One of the sophisticated means of money laundering of criminals is through casino or amusement.

Typically, money launderers take advantage of the mechanism of the casino organization to launder money. Players at the casino organization do not use real money to play but use a gambling card (a gambling card can be called a chip or a chip) to mark a value to play. Accordingly, players will exchange real money for gambling cards, when finished they can redeem gambling or cash cards.

Taking advantage of this mechanism, money laundering criminals obtain money from illegal activities to buy a large number of gambling cards, but only gamble or bet a negligible amount. Then return the card and ask for a refund in the form of a check and the statement is money.

Therefore, in order to prevent money laundering in this area, the Law on Money Laundering and Legislation issued by the National Assembly since 2012 has set forth the dubious signs in the field of prize games.

For example, customers may exchange large amounts of conventional currency at a casino, a prize-winning electronic gaming business but do not play or play in very small amounts, then redeem for cash or checks, bank draft or money transfer to guest account; Customers requesting the transfer of money for winning or winning a third party do not have a clear relationship with the customer or when the third party has no place of permanent residence with the customer; Customers add cash or checks to the winnings, winnings and requests for casino and prize game electronic games converted into big checks.

Enterprises that want to be licensed pilot casino business must achieve no less conditions on the control of players and cash flow, tax declaration.In order to control the player, anti-money laundering, tax evasion, Clear, transparent information. Accordingly, only those who have a clear income and pay personal income tax will be issued casino cards, while low income people, income is not clear will not participate in the play.
Viet Nam Block the dump money through the casino
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