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There is a phenomenon of taking advantage of the stock market to launder money

In the question-and-answer session this morning at the National Assembly, delegate Tran Van Lam (Doan Bac Giang) asked the Minister of Finance to evaluate the bubble level of our country’s stock market today. What tools and indicators does the ministry have to identify and evaluate the nature of the bubble level of securities; What are the solutions to make our country’s stock market develop stably?

Responding to this issue, the Minister of Finance said that the stock market has made good progress in recent years. The average growth in the period 2016 – 2021 will grow by 26%. By the end of 2021, the stock market and the stock market will reach VND 7,774 billion, reaching 92.5% of GDP in 2021.

However, in the past time, there have been some phenomena of stock manipulation, stock manipulation, giving false information, deceiving customers…

The Ministry of Finance has taken many measures to warn people, businesses and investors. The ministry has submitted to the Government to amend Decree 153 and strengthen solutions and measures to make the securities market transparent, especially corporate bonds.

The ministry also strengthens inspection and puts artificial intelligence into monitoring. At the same time, the Ministry also monitors the sudden rise and fall of stocks. With individual bonds will set up a channel, a separate floor for monitoring.

Through inspection, the Ministry of Finance discovered violations, including taking advantage of the stock market to launder money. “We have transferred a number of cases to the investigating agency to handle them strictly,” Phuc said.

There is a phenomenon of taking advantage of the stock market to launder money - Photo 1.

Minister of Finance Ho Duc Phuc said that the ministry will strictly manage the stock market and strictly handle violations (Artwork).

Also according to Minister Phuc, in the coming time, the Ministry of Finance will continue to closely coordinate with police agencies in verifying, investigating and handling manipulation cases; cooperate in handling false and untrue rumors, and provide information to the police when there are suspicious signs during the inspection and examination.

The Ministry of Finance will also focus on strictly managing the identification of professional securities investors, the investment of individual investors; supervise the method of distribution of bonds to avoid selling to the wrong investors; credit rating request; strengthen responsibility and take management measures to supervise intermediary organizations.

At the same time, the Ministry of Finance has planned to review the Law on Securities and the Law on Enterprises to soon submit to the National Assembly to amend regulations on conditions for corporate bond issuance, conditions on professional securities investors, measures and sanctions to increase deterrence… In particular, it will strengthen inspection, examination, and strictly handle cash flows and irregular transactions.

“2-price motorbike – need proof to solve thoroughly”

Also in the interrogation, delegate Tran Van Lam said that currently authorized dealers of a certain motorcycle company are allowed to decide the selling price themselves, but when invoiced according to the listed price of the company. This can lead to a loss of tax revenue, which can go on for years.

“So the Minister said that the tax industry has checked whether it has detected any violations, how to handle it and what measures to take to solve it,” delegate Lam asked Minister of Finance Ho Duc Phuc.

Regarding this, Minister Phuc said that according to regulations, tax authorities are allowed to inspect motorcycle dealers. However, for a long time, the authorities have not been able to tighten this situation, the retail agent for the people. When agencies check, people buy information as on the invoice, there is no basis for handling.

Therefore, it is necessary to investigate and collect evidence to handle this matter. In the coming time, the authorities will pay special attention to other motorbike dealers with invoices. “This is actually a crime of tax evasion, but it has not been done yet,” Mr. Phuc informed.

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