If the ban on locals gambling in casinos in Vietnam is removed, Vietnam's exposure to money laundering will increase. A U.S. State Department report says so.
"In 2018, Vietnam granted its first pilot license to local casinos, increasing the risk of money laundering unless authorities ensure those facilities effectively implement and enforce anti-money laundering (AML) standards," the 2019 State Department's International Drug Control Strategy report said.
The document, produced by the International Drug Administration and released last month, added that "newly legalized local casinos" were an element that suggested "unlawful financial exposure in Vietnam will increase in the coming years."
Only casino resorts with a total capital investment of at least US$2 billion, including gaming and non-gaming facilities, can ask authorities for permission to welcome Vietnamese gambling. Corona Resort and Casino on Phu Quoc Island reportedly opened in January and was one of the first two properties in Vietnam to allow the government to offer gambling to economically eligible locals. The other is expected to be located in Van Don, northern Vietnam.
The Bandon project is reportedly being developed by the Sun Group in Vietnam. It is located in a remote area about 160 kilometers (99 miles) east of Hanoi.
The government lifted a ban on Vietnamese gambling at casinos in 2017, allowing pilot projects for gambling by economically qualified locals in certain places. Vietnamese customers must be 21 years of age or older, have a monthly income of at least 10 million Singapore dollars ($431) or more, and must also pay an entry fee to access casino floors.
