Vietnamese authorities have arrested 21 individuals suspected of operating a money-laundering ring that transferred approximately $78.5 million in illicit funds between Vietnam and Cambodia. The suspects, all Vietnamese, were detained in mid-February in multiple provinces, including Dong Nai and northern regions, according to police reports.
The group, allegedly led by a woman, is accused of facilitating cross-border gambling and fraud operations since July 2024. To launder criminal proceeds, they established 30 shell companies and opened 150 business bank accounts, allowing them to transfer and legitimize funds linked to illegal gambling activities.
This arrest follows a similar case in January 2025, when Vietnamese authorities dismantled a $1.2 billion money-laundering network in Da Nang, arresting five individuals, including a bank employee. Officials described it as the largest financial crime case ever exposed in the region.
Vietnam has seen a surge in major financial fraud cases. In October 2024, property tycoon Truong My Lan was sentenced to life imprisonment for money laundering, alongside receiving the death penalty for a separate $27 billion fraud case. She was found guilty of illegally controlling Saigon Joint Stock Commercial Bank (SCB) between 2012 and 2022, siphoning funds through thousands of ghost companies.
Authorities warn that such cases highlight the urgent need for stronger financial oversight, enhanced international cooperation, and tighter regulatory measures to combat financial crimes linked to online gambling. The Association of Southeast Asian Nations (ASEAN) has pledged to address transnational crime and online scams, proposing initiatives such as a regional cybercrime task force and a working group on money laundering.
Vietnam maintains strict gambling laws, with most forms of betting prohibited except for state-run lotteries and select casinos. In November 2024, the Ministry of Information and Communications (MIC) introduced Decree 147/2024/ND-CP, banning casino-style and card-based online games to curb illegal gambling.
The new decree also mandates that foreign gaming companies establish a business presence in Vietnam to operate legally. Additional player protections include:
- A 16+ content rating for online games.
- Mandatory mobile number verification tied to Vietnam-based networks.
- Parental registration requirements for players under 16 years old.
Authorities hope these regulatory measures will prevent illicit betting, strengthen oversight, and reduce the risk of financial crimes associated with online gambling.