Vietnam has adopted a catalogue of measures to prevent and combat money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction. The Ecovis consultants have put together what these money laundering measures in Vietnam are and what they mean for companies.
Decision no. 194/QD-TTg, signed by the Deputy Prime Minister of Vietnam on 23 February 2024, aims to quickly realise the Vietnamese government’s commitment with the Financial Action Task Force (FATF) to remove the country from the Increased Monitoring List (Grey List), while at the same time maintaining the country’s national interests.
The decision sets out 17 specific actions to implement the commitment and demonstrate that the authorities have improved their understanding of money laundering/terrorist financing risks and are taking actions to mitigate these risks through the implementation of connected strategies and policies. They also underline the effective cooperation, coordination and communication between the relevant agencies.
Attention will be paid to strengthening formal cooperation (multilateral cooperation in extradition and legal assistance) and informal cooperation (e.g. between law enforcement agencies and financial intelligence units) with foreign partners by providing constructive information and proactively seeking cooperation regarding criminals and their assets. The competent authorities, including central agencies, will be provided with the appropriate resources to carry out international cooperation.
We are happy to answer your more detailed questions about money laundering measures in Vietnam.Nghia Duong Tran, Partner of Tax, Accounting and Consulting, ECOVIS AFA Vietnam, Danang City, Vietnam
Vietnam will develop a legal framework to prohibit or regulate virtual assets and virtual asset service providers and demonstrate the enforcement of regulations to ensure compliance.
Law enforcement and prosecution agencies will prioritise parallel financial investigations and demonstrate a significant and sustainable increase in the number of money laundering investigations and prosecutions, consistent with Vietnam’s money laundering risk profile.
Nghia Duong Tran, Partner of Tax, Accounting and Consulting, ECOVIS AFA Vietnam, Danang City, Vietnam
Email: nghia.tran@ecovis.com.vn
State and tax registration is mandatory for companies in Georgia. Both must be carried out at the same time at a registration authority. The Ecovis experts explain how the company incorporation in Georgia works and which documents companies must submit.
Only a partner of a general partnership, a limited partnership and a limited liability company must be registered with the registry. A business shall be deemed established from the moment of its registration. A limited liability company or a joint-stock company may be established by one person.
To register a company, the following documentation must be submitted to the registration authority:
Do you have questions about the new rules for company incorporation in Georgia? We can support you with the legal implementation.Ana Samsonia, Head of Legal Department, ECOVIS Georgia, Tbilisi, Georgia
There is no requirement for a limited liability company to have any initial capital. Capital registration is not required. The minimum amount of subscribed capital of a joint-stock company at the moment of registration is GEL 100,000 (approx. EUR 35,000).
In the case of the incorporation of a joint-stock company or an increase in its capital, the shareholder(s) must make the contributions within five years from the moment of registration or the increase in capital, unless the statutes define a shorter timeframe.
A limited partner of a limited partnership, or a partner in a limited liability company, joint-stock company or cooperative shall not be liable to creditors for the obligations of the company. A limited liability company (LLC) is the most common form of registration. This is mainly due to the issue of limited liability and because there is no mandatory capital requirement.
A company can be established on the day of submission of the documents, or the following day. The registration authority may ask for additional information or documentation. If documents are signed abroad, they must be notarised and apostilled. An alternative to this is to issue a power of attorney.
Ana Samsonia, Head of Legal Department, ECOVIS Georgia Legal, Tbilisi, Georgia Email: ana.samsonia@ecovis.ge
Small and medium-sized enterprises (SMEs) are reporting that their larger value chain partners and finance providers are increasingly asking for sustainability data to fulfil regulatory requirements. The experts at ECOVIS ProventusLaw explain what this means for SMEs and what to expect.
Most SMEs are out of the scope of the Corporate Sustainability Reporting Directive (CSRD). However, its indirect impact on small businesses – which often operate with limited know-how and resources – is still significant. Some SMEs are aware of this and proactively take steps to adapt their businesses. At the same time, many others are unsure about which expectations to meet and what standards or criteria to follow.
When you fill out the questionnaire, we will provide constructive answers and recommendations for improvement.Inga Karulaityte, Partner, Attorney at Law, ECOVIS ProventusLaw, Vilnius, Lithuania
Clarifying sustainability maturity allows a company to contribute actively to sustainability goals and to ensure that its operations are up-to-date.
Up to now, only large companies have had to comply with the Corporate Sustainability Reporting Directive. However, small and medium-sized companies are increasingly having to provide sustainability data to their clients so that they can meet their legal obligations. To achieve this, ECOVIS ProventusLaw has developed a Sustainable Supplier Questionnaire which can help businesses assess their impact on the environment and where improvements are possible.
It is worth assessing the questions that each company can expect from its larger partners. Such questions help larger companies to understand their suppliers and the impact on the sustainability of the goods and services they purchase.
Inga Karulaityte, Partner, Attorney at Law, ECOVIS ProventusLaw, Vilnius, Lithuania
Email: inga.karulaityte@ecovis.lt