Vietnam: What are the responsibilities of the State Bank, the Ministry of Public Security and the Ministry of Finance in anti-money laundering?
What are the responsibilities of the State Bank of Vietnam in anti-money laundering?
Pursuant to Article 48 of the 2022 Law on Anti-Money Laundering in Vietnam, the responsibilities of the State Bank of Vietnam in anti-money laundering are as follows:
The State Bank of Vietnam shall be held accountable to the Government for exercising the regulatory authority over anti-money laundering, and shall have the following duties and powers:
+ Formulate and request competent authorities to issue, or issue within their competence, legislative documents and plans regarding anti-money laundering;
+ Take charge of, and cooperate with relevant agencies in, implementing measures to prevent and combat money laundering in the monetary and banking sectors.
+ Inspect, examine and supervise anti-money laundering activities with regard to the reporting entities under the range of its responsibilities for state management of money and banking activities, even when doing so based on results of national risk assessment of money laundering and results of money-laundering risk assessment of these reporting entities;
+ Cooperate, exchange and provide information with competent authorities in the activities of inspection, supervision, investigation, prosecution, trial, proceeding and judgment enforcement related to money laundering;
+ Implement international cooperation on money laundering prevention and combat, act as a conduit to participate in and implement Vietnam's obligations in the role of a member of an international organization on prevention and combat of money laundering;
+ Conduct research and application of scientific and technical advances and information technology to the prevention and combat of money laundering;
+ Take charge of, and cooperate with relevant agencies in, disseminating and educating laws on prevention and combat of money laundering, and communicating guidelines, policies and laws on prevention and combat of money laundering, and holding training sessions on money laundering prevention and combat;
+ Compile annual reports for submission to the Government on the prevention and combat of money laundering in Vietnam;
+ Take charge of conducting the national risk assessment on money laundering as specified in clause 1 of Article 7 in the 2022 Law on Anti-Money Laundering in Vietnam; carry out the assessment and updating of money laundering risks in the monetary and banking sectors, and gather and submit to the Government for approval of national money-laundering risk updates according to the provisions of clause 2 of Article 7 in the 2022 Law on Anti-Money Laundering in Vietnam;
+ Cooperate with the Ministry of Foreign Affairs, relevant ministries and central authorities to propose and preside over the signing of, and implement international treaties and agreements on prevention and combat of money laundering;
+ Supervise reporting entities’ compliance with the reporting requirements specified in Article 25, 26 and 34 in the 2022 Law on Anti-Money Laundering in Vietnam; cooperate in providing supervisory information to Ministries and central authorities to meets the needs regarding inspection, examination and supervision of money laundering prevention and combat activities.
Vietnam: What are the responsibilities of the State Bank, the Ministry of Public Security and the Ministry of Finance in anti-money laundering?
What are the responsibilities of the Ministry of Public Security in anti-money laundering?
Pursuant to Article 49 of the 2022 Law on Anti-Money Laundering in Vietnam, the responsibilities of the Ministry of Public Security in anti-money laundering are as follows:
- Collect, receive and process information necessary for combat against money laundering crimes.
- Notify the results of processing information related to suspicious transactions to the State Bank of Vietnam.
- Preside over, and cooperate with relevant agencies, entities and persons concerned in preventing, detecting, investigating and handling money laundering crimes.
- Exchange information and documents on new methods and schemes of domestic and foreign money laundering criminals with the State Bank of Vietnam.
- Take charge of making a list of natural or legal persons involved in terrorism and terrorist financing activities.
- Implement mutual legal assistance in the prevention and combat of money laundering within the scope of its powers and duties.
- Cooperate with the State Bank of Vietnam in conducting the national risk assessment on money laundering as specified in clause 1 of Article 7 in the 2022 Law on Anti-Money Laundering in Vietnam; carrying out the assessment and updating of money laundering risks of crimes derived from sources of high exposure as defined in clause 2 of Article 7 in the 2022 Law on Anti-Money Laundering in Vietnam.
What is the responsibility of the Ministry of Finance in anti-money laundering?
Pursuant to Article 51 of the 2022 Law on Anti-Money Laundering in Vietnam, the responsibilities of the Ministry of Finance in anti-money laundering are as follows:
- Take charge of, and cooperate with relevant agencies in, implementing measures to prevent and combat money laundering in the life insurance business, securities, accounting service, prize-awarding electronic game, casino, lottery, betting and other service sectors under the state management of the Ministry of Finance.
- Inspect, examine and supervise anti-money laundering activities with regard to the reporting entities in the sectors specified in clause 1 Article 51 of the 2022 Law on Anti-Money Laundering in Vietnam, even when doing so based on results of national risk assessment of money laundering and results of money-laundering risk assessment of these reporting entities.
- Cooperate with the State Bank of Vietnam in conducting the national risk assessment on money laundering as specified in clause 1 of Article 7 in the 2022 Law on Anti-Money Laundering in Vietnam; carrying out the assessment and updating of money laundering risks as defined in clause 2 of Article 7 in the sector specified in Article 51 of the 2022 Law on Anti-Money Laundering in Vietnam.
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