How often are Ministries and central authorities responsible for conducting the national assessment of money laundering risks in Vietnam?
How often are Ministries and central authorities responsible for conducting the national assessment of money laundering risks in Vietnam?
Pursuant to Article 7 of the 2022 Law on Anti-Money Laundering in Vietnam, the national risk assessment on money laundering is as follows:
National Assessment of Money Laundering Risks
1. Every 5 years, the State Bank of Vietnam shall lead and/or cooperate with Ministries and central authorities concerned in conducting the national assessment of money laundering and seeking the Government’s approval of assessment results and post-assessment action plans. The national assessment of money laundering shall cover all activities newly classified as sources of money laundering risk.
2. Ministries and central authorities shall assume the following responsibilities:
a) Widely disseminate the results of the national assessment of money laundering risks within their internal setting, and to the reporting entities placed under their jurisdiction, and also take measures to minimize the identified risks;
b) Provide the State Bank of Vietnam with update on money laundering risks based on execution of post-assessment action plans, or whenever any risk arises within their remit. On the basis of the risk update results informed by these Ministries or central authorities, the State Bank of Vietnam shall integrate them into reports submitted to the Government to seek its approval of national money-laundering risk updates and action plans in response to these updated risks.
3. The Government shall promulgate regulations regarding principles, criteria and methods of the national assessment of money laundering risks.
Thus, every five years, the State Bank of Vietnam shall lead and/or cooperate with Ministries and central authorities concerned in conducting the national assessment of money laundering and seeking the Government’s approval of assessment results and post-assessment action plans.
The national assessment of money laundering shall cover all activities newly classified as sources of money laundering risk.
How often are Ministries and central authorities responsible for conducting the national assessment of money laundering risks in Vietnam?
What are the prohibited acts in anti-money laundering?
Prohibited acts in anti-money laundering are specified in Article 8 of the 2022 Law on Anti-Money Laundering in Vietnam as follows:
Prohibited acts in anti-money laundering
1. Organize, participate in or facilitate, assist in the conduct of money laundering.
2. Create and maintain anonymous or pseudonymous accounts (or accounts in obviously fictitious names).
3. Create and maintain business relationships with shell banks.
4. Illegally provide services that involve the acceptance of cash, cheques, other monetary instruments and other stores of value and the payment to a beneficiary.
5. Abuse public positions and power over anti-money laundering activities to prejudice the legitimate rights and interests of a natural or legal person.
6. Hinder the provision of information necessary for anti-money laundering purposes.
7. Intimidate and take revenge on the persons detecting and reporting money laundering offences.
Thus, 07 prohibited acts in anti-money laundering are:
- Organize, participate in or facilitate, assist in the conduct of money laundering.
- Create and maintain anonymous or pseudonymous accounts (or accounts in obviously fictitious names).
- Create and maintain business relationships with shell banks.
- Illegally provide services that involve the acceptance of cash, cheques, other monetary instruments and other stores of value and the payment to a beneficiary.
- Abuse public positions and power over anti-money laundering activities to prejudice the legitimate rights and interests of a natural or legal person.
- Hinder the provision of information necessary for anti-money laundering purposes.
- Intimidate and take revenge on the persons detecting and reporting money laundering offences.
What are the reporting entities in anti-money laundering?
Pursuant to Article 4 of the 2022 Law on Anti-Money Laundering in Vietnam on the reporting entities as follows:
(1) Reporting entities are financial institutions licensed to conduct one or more of the following activities or operations:
- Acceptance of deposits;
- Lending;
- Financial leasing;
- Payment services;
- Payment intermediary services;
- Issuing negotiable instruments/transferable securities, bank cards, fund/money transfer/wire transfer orders;
- Bank guarantees and financial commitments;
- Providing foreign exchange services, money market instruments;
- Securities brokerage; advice to security investment, provision of security for securities issues;
- Investment fund and portfolio management;
- Life insurance business;
- Money and currency changing.
(2) Reporting entities are relevant non-financial businesses and professions subject to law that conduct one or more of the following activities or operations:
- Prize-awarding games, including electronic games; telecommunications network-based games, Internet-based games; casinos; lottery tickets; betting;
- Real estate business, except leasing or subleasing of real property and real estate consulting;
- Dealing in precious metals, jewels;
- Supply of accounting services; provision of notarial services; provision of legal services rendered by lawyers, legal professional organizations;
- Providing business formation, management and administration services; providing services of acting as (or arranging for another person to act as) a director or secretary of a company to third parties.
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