Press Release No. 10 Fourth Session, 15th National Assembly

Press Release No. 10 Fourth Session, 15th National Assembly

Morning Session

Under the chairmanship of Vice Chairman of the National Assembly Nguyen Duc Hai, the National Assembly heard: Deputy Prime Minister of the Government of Vietnam Le Van Thanh, on behalf of the Government of Vietnam, presenting the Proposal on the draft Land Law (amended); Chairman of the Economic Committee of the National Assembly Vu Hong Thanh presented the Verification Report on the draft Land Law (amended). Following this, the National Assembly discussed in the hall the draft Law on Anti-Money Laundering (amended).

During the discussion, 22 delegates spoke; the majority of delegates agreed on the necessity to amend the Law on Anti-Money Laundering and assessed that the draft law's dossier had been fully and meticulously prepared for consideration and approval at this session. In addition, delegates focused their opinions on contents such as the title of the draft law; applicable subjects; definitions; principles of anti-money laundering; anti-money laundering measures; state policies on anti-money laundering; anti-money laundering in real estate; international cooperation on anti-money laundering; high-value transactions; non-profit organizations; the establishment or maintenance of anonymous or pseudonymous accounts; politically exposed foreign individuals; internal regulations on anti-money laundering; responsibilities for reporting, providing dossier and report information, reporting subjects, reporting deadlines, dossier information storage; customer identification, updating, and verification of customer identification information; national and sectoral risk assessments; customer classification by risk level; suspicious transaction reporting; elements identifying suspicious transactions, suspicious indicators; correspondent banking relationships; the application of temporary measures; the legality of registering and using accounts; the responsibilities of the State Bank in coordinating information exchange on anti-money laundering…

To continue finalizing the draft law and improving the effectiveness of anti-money laundering, the delegates recommended supplementing regulations on the management of virtual assets, virtual currencies, and financial technology services to be subject to anti-money laundering reports; adding a provision on the responsibilities of the Ministry of Natural Resources and Environment in anti-money laundering; researching and issuing detailed guidelines on enhanced measures to update customer information appropriately to the money laundering risk level, and special monitoring of certain transactions; supplementing human resources recruitment procedures, developing internal regulations on anti-money laundering, applying necessary measures to mitigate risks for products and services using new technologies.

In addition, some delegates suggested that the draft law contains too many provisions left to the Government of Vietnam for implementation guidance and recommended that the State Bank should specify more in the law itself, without waiting for the Government of Vietnam or the State Bank's guidance to shorten the time needed to bring the law into practice. They also recommended the drafting committee thoroughly, comprehensively, and carefully review the draft law's contents against existing laws to ensure the law's legality, coherence, consistency, and feasibility in the national legal system, and in line with international standards on anti-money laundering, counter-terrorist financing, and the prevention of proliferation financing of weapons of mass destruction.

At the end of the discussion, Governor of the State Bank of Vietnam Nguyen Thi Hong explained and clarified several issues raised by the National Assembly delegates.

Afternoon Session

The National Assembly discussed in groups the draft Law on Cooperatives (amended) and the draft Law on Civil Defense.

Wednesday, November 2, 2022: Morning Session, The National Assembly discussed in groups the draft Law on Protection of Consumer Rights (amended) and the draft Law on Electronic Transactions (amended); Afternoon Session, The National Assembly listened to the Proposal and the Verification Report on the draft Law on Prices (amended). Following this, the National Assembly discussed in the hall the draft Resolution on promulgating the Internal Rules of the National Assembly session (amended)./.

According to the Portal of the Government of Vietnam

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