Hanoi Police dismantle $51 million transnational money laundering ring

Hanoi Police have dismantled a sophisticated transnational organized crime ring involved in the illegal transfer of more than 51 million USD (approximately 1.2 trillion VND) across borders.

The criminal network operated through a closed loop involving foreign and domestic actors. They established a series of shell companies in Vietnam, Hong Kong, and Singapore, specifically utilizing the temporary import and re-export sector to facilitate illegal transactions.

To move funds, the group collected money from individuals and businesses seeking to bypass official channels, often transferring amounts under 500 million VND through various personal accounts with vague descriptions such as ‘buying USDT’ or ‘payment for goods’ to evade State Bank monitoring. The group then laundered these funds by creating fraudulent foreign trade documents for electronic chips. These contracts featured abnormally high prices for small, difficult-to-value goods and lacked technical specifications or certificates of origin. By exploiting customs clearance mechanisms and commercial banking loopholes, the syndicate used methods like UPAS L/C or T/T to transfer foreign currency abroad without fulfilling re-export obligations.