What are the responsibilities of the State bank of Vietnam in prevention of money laundering?

According to Article 24 of Decree No. 116/2013/ND-CP of Vietnam’s Government, responsibilities of the State bank of Vietnam in prevention of money laundering are as follows:

1. To be responsible before Government to execute state management on anti money laundering through the following measures:

- To coordinate with the Ministry of Justice in submitting the program on elaborating legal documents about anti money laundering to Government;

- To assume the prime responsibility for, and coordinate with relevant Ministries and sectors in, periodically assessing risks of money laundering in Vietnam; formulating and submitting to competent authorities for approving and promulgating strategies, national plans on the anti money laundering;

- To coordinate with Ministry of Internal Affairs, the Ministry of Finance and relevant Ministries and sectors in, reviewing, summing up, reporting and proposing plans, measures to ensure organizational structure, human, financial and technical resources for units in charge of anti money laundering;

- To assist the Prime Minister in directing ministries and sectors to coordinate with the Supreme People’s Court and the Supreme People’s Procuracy in taking actions against money laundering and terrorism financing.
2. To promulgate documents guiding implementation of legal provisions on anti money laundering.

3. To timely notify competent agencies of anti-terrorism information about acts of money laundering with the aim to finance terrorism as prescribed.

4. To cooperate, exchange, provide information with domestic competent agencies as prescribed in Article 20 and Article 21 of this Decree.

5. To inspect, examine, supervise activities of anti money laundering in respect to the reporting entities under its state management responsibility; handle or propose competent authorities for handling for violations of law on anti money laundering.

6. International cooperation in anti money laundering:

- To propose competent authorities; assume the prime responsibility for, and coordinate with the Ministry of Foreign Affairs, relevant ministries and sectors in, negotiating, signing and organizing implementation of International treaties, international agreements on anti money laundering;

- To act as focal agency in negotiating, signing international agreements on exchanging information about anti money laundering; exchanging information with foreign agencies for anti money laundering, and other foreign agencies and organizations as prescribed in Article 27 of this Decree;

- To act as focal agency in participating in implementation, carrying out Vietnam’s obligations with role as member of international organizations for anti money laundering;

- To act as a focal agency in researching, training, supporting information, techniques and exchanging experiences in anti money laundering.

7. To perform other responsibilities specified in Article 37 of the Law on Prevention of Money Laundering of Vietnam.

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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