There should be a roadmap to conduct real estate transactions through banks, not cash transactions to prevent money laundering

Share with PV Infonet, Mr. Nguyen The Diep, Vice Chairman of Hanoi Real Estate Club said: Real estate accounts for a large proportion in the economy and is also a great asset of society and people. Therefore, the problem of money laundering can occur because this is the easiest area to launder money, the easiest to put money into when buying and selling activities.

The purchase and sale of real estate may have collusion, agreements, may bring unclean money, illegal money into the transaction. Therefore, it is necessary to have a policy mechanism to control this and this is essential. How tight should the inspection mechanism be, the policy mechanism must be one step ahead to avoid money laundering. When it does happen again is another matter, so prevention is better than cure.

According to experts, there should be a roadmap to carry out real estate transactions through banks, not cash transactions to prevent money laundering in this area. (Photo: Minh Thu)

There are many ways, such as not dealing with cash, forcing a bank transfer will also be a good control or regulation of real estate transactions through the real estate floor to limit the problem of money laundering. money happens.

“Policy needs to be one step ahead, don’t let money laundering happen before starting to work, check and control. Prevention is better than cure, just like the stock market just now, must be corrected at the beginning, not until everything is clear, then it will be a big problem, causing great social consequences. Mr. Diep said.

However, according to Mr. Diep, it is necessary to have a roadmap for specific implementation solutions so as not to negatively affect the real estate market, causing difficulties for people and businesses. It is necessary to have a roadmap to make all transactions related to real estate sales go through banks, no cash transactions to both prevent money laundering and prevent tax loss.

Previously, at the time of commenting on the development of a draft decree detailing the Real Estate Business Law, in September 2021, the Ho Chi Minh City Real Estate Association (HoREA) sent a petition to the Ministry of Justice when allowing Real Estate Business Law 2014 does not stipulate that real estate transactions must be paid through a bank, so real estate business can become a haven for criminals “laundering money”, hiding illegal assets , corruption, or crime.

According to the Ho Chi Minh City Real Estate Association, the 2014 Real Estate Business Law has not yet stipulates that real estate transactions must be paid through banks, so payment in cash, gold and foreign currencies is still popular. To prevent this situation, the Association proposes to the Ministry of Justice to add to the draft decree guiding the Law on Real Estate Business, which stipulates: Payment for real estate transactions must be via banks, except for payments small value according to the provisions of tax law.

Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, said that it is necessary to make payment through banks mandatory for real estate transactions. This will help prevent tax loss, fight money laundering, and create transparency for the market. From there, it can also contribute to limiting price inflation and manipulation, causing instability in the real estate market as in the past time.

However, according to Mr. Dinh, it is necessary to propagate to the people about the benefits of implementing this solution, and at the same time must apply it synchronously with relevant regulations.

The General Department of Taxation has just proposed to the Ministry of Finance to supplement regulations on payment via banks for real estate transfer activities in the Law on Real Estate Business. At the same time, adding investigation function for tax authorities. In order to prevent tax loss in business activities and real estate transfer, Minister of Finance Ho Duc Phuc recently signed a document requesting the Ministry of Public Security to direct local police to coordinate with tax departments in handling tax cases. strictly handle transactions with signs of tax evasion.

Many experts also believe that real estate transactions through banks are an important condition for the real estate market in particular and the economy in general to operate openly, transparently and safely. for both buyers and sellers.

Accordingly, real estate transactions through banks have many advantages such as convenience, accuracy and safety in transactions, while minimizing complicated disputes over payment, and controlling tax evasion. , money laundering.

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