Under Vietnam's draft decree on dealing with money laundering, transactions worth 12,700 US dollars upwards will be reported to local relevant agencies, said a local official.

"A draft decree on anti-money laundering stipulates that transactions worth at least 200 million Vietnamese dong (VND) (12,700 US dollars) in cash, gold and foreign currency, and savings accounts totaling at least 500 million VND (31,600 dollars) must be reported to authorized agencies," local newspaper Pioneer on Wednesday quoted Nguyen Dang Hong, deputy chief inspector of the Inspection Department under the State Bank of Vietnam, as saying.

The draft also defines 13 kinds of transactions suspected to be money laundering, which will be reported to the bank's future Anti-Money Laundering Information Center, he said, noting that the listof such transactions may be regularly added.

Some foreign countries have already had a longer list of suspicious transactions, the official said, citing 80 in China and60 in Russia. Many countries stipulate that cash transactions worth 10,000 dollars upwards must be reported to relevant agencies, he noted.

Hong did not reveal the time for the decree to be issued, saying that it depends on the government.

Source: Xinhua