09 responsibilities of the Ministry of Public Security of Vietnam in prevention of money laundering

Specifically, according to Article 25 of Decree No. 116/2013/ND-CP of Vietnam’s Government, 09 responsibilities of the Ministry of Public Security of Vietnam in prevention of money laundering are as follows:

1. To receive, collect and handle information which is transferred by Agency for anti money laundering under The State bank of Vietnam, information which is provided by the reporting entities as prescribed in Law on anti money laundering and this Decree; notify relevant result of handling to Agency for anti money laundering.

2. Annually, to sum up criminal cases involving money laundering and exchange result with the State bank of Vietnam; coordinate with the State bank of Vietnam in elaborating documents for popularization and warning about new methods, tricks, and activities of domestic and foreign money laundering offenders.

3. Annually, to send reports on summing up the implementation of responsibilities of the Ministry of Public Security in anti money laundering in Vietnam’s territory to the State bank for summing up and submitting to the Government.

4. To assume the prime responsibility for, and coordinate with relevant Ministries and sectors in proposing elaboration, promulgation or promulgating, under its competence, legal documents in activities of fight, anti money laundering.

5. To collect, receive and handle information on the crime related to money laundering

6. To preside over and coordinate with other agencies, organizations and individuals concerned in the detection, investigation and handling crime of money laundering.

7. To regularly exchange information and documents about methods and practice of the new activity of crime of money laundering in the country and abroad with the State Bank of Vietnam

8. To preside over the formulation of the list of organizations and individuals under the blacklist as prescribed.

9. To implement the international cooperation on the prevention of money laundering within its competence.

View more details at Decree No. 116/2013/ND-CP of Vietnam’s Government, effective from October 10, 2013.

Ty Na

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