Responsibilities of the State Bank of Vietnam in prevention of money laundering

According to Article 37 of the Law on prevention of money laundering 2012 of Vietnam, responsibilities of the State Bank of Vietnam in prevention of money laundering from January 01, 2013 are specified as follows:

1. Being responsible to the Government for performing the state management on the prevention of money laundering.

2. Developing and submitting to competent authorities for promulgation or promulgate according to their competence the legal normative documents, strategies and plans on the prevention of money laundering.

3. Focally organizing under the provisions of the Government to collect, process and transfer of information on money laundering to the competent State agencies; to request the organizations and individuals concerned to provide information and records of transactions and other information prescribed by this Law to serve the analysis and transfer of information on money laundering.

4. Promptly notifying the competent anti-terrorism agency of the information about money laundering in order to finance terrorism in accordance with this Law and the law on the prevention of terrorism.

5. Inspecting and monitoring the activities of money laundering for the reporting subject under the responsibility of the State management on the currency, banking operation and foreign exchange.

6. Cooperating, exchanging and providing information with the competent authorities in the inspection, monitoring, investigation, prosecution, judgment and enforcement of judgment relating to money laundering; exchanging information with the foreign anti-money laundering agencies and organizations as prescribed by law.

7. Implementing international cooperation in the prevention of money laundering under the authority, participating and deploying the implementation of Vietnam's obligations as the member of the international organization on the prevention of money laundering.

8. Training the staff of the State Bank of Vietnam, other Governmental agencies and employees of the foreign credit organization and bank branches and other individuals and organizations on the prevention of money laundering.

9. Organizing research and application of scientific and technical progress and information technology in the prevention of money laundering.

10. Presiding over and coordinating with the relevant agencies to propagate the legal education on the prevention of money laundering.

11. Aggregating information, and annually making report to the Government on the prevention of money laundering in the territory of Vietnam.

View more details at the Law on prevention of money laundering 2012 of Vietnam, effective on January 01, 2013.

Ty Na

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