Vietnam’s regulations on money laundering with the aim to finance for terrorism

According to Article 18 of Decree No. 116/2013/ND-CP of Vietnam’s Government, an act of money laundering with the aim to finance terrorism is an act of organization or individual aiming to perform origin legalization of assets acquired from criminal activity in order to finance terrorist organizations and individuals or to finance terrorist act. Grounds to assume that organization or individual conducting act related to crime of money laundering with the aim to finance terrorism include:

- Conducting or intending implementation of transactions related to organizations and individuals according to list in relevant Resolutions of United Nations Security Council;

- Conducting or intending implementation of transactions related to organizations and individuals according to list of organizations and individuals involving terrorism and financing to terrorists which are set out by other international organizations or other countries and being warned by the State bank of Vietnam;

- Conducting or intending implementation of transactions related to organizations and individuals which have been convicted about crimes involving terrorism and financing to terrorists in Vietnam;

- Conducting or intending implementation of transactions related to organizations and individuals involving terrorism and financing to terrorists which the reporting entities have known from other information sources.

Timely reporting to the competent counter-terrorism agency, as well as submitting reports to the State Bank of Vietnam when discovering organizations or individuals engaging in transactions listed in the blacklists or when there is evidence that other organizations or individuals are involved in money laundering activities to fund terrorism.

The State Bank of Vietnam shall guide the reporting entities to perform Clause 1 Article 30 of Law on anti money laundering in accordance with law on anti money laundering and anti-terrorism laws.

The State Bank of Vietnam is responsible for providing guidance to reporting entities on how to promptly report to the competent counter-terrorism agency, as well as submitting reports to the State Bank of Vietnam when discovering organizations or individuals engaging in transactions listed in the blacklists or when there is evidence that other organizations or individuals are involved in money laundering activities to fund terrorism.

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

Ty Na

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE