Action plan to implement the commitments of the government of vietnam on anti-money laundering, counter-terrorist financing in Vietnam

Action plan to implement the commitments of the government of vietnam on anti-money laundering, counter-terrorist financing in Vietnam

Specifically, the plan specify 17 specific actions to implement the following commitments:

Action 1: Demonstrate authorities have enhanced their knowledge of money laundering/terrorist financing (ML/TF) risks and have taken actions to mitigate risks through strategies and policies for AML/CTF

Action 2: Demonstrate effective cooperation, coordination, and communication between agencies involved in ML/TF (E.g., between law enforcement agencies, between the Anti-Money Laundering Department and law enforcement agencies, between supervisory agencies) at the operational level  

Action 3: Strengthen formal cooperation (extradition and multilateral mutual legal assistance) and informal cooperation (of law enforcement agencies and FIUs) with foreign partners by:

- Provide constructively and proactively seek cooperation in relation to criminals and their assets (appropriate to Vietnam's risk level)

- Ensure that competent authorities, including central authorities, are provided with appropriate resources to carry out international cooperation, and

- Pursue agreements/arrangements with as many foreign partners as possible within its scope to facilitate international cooperation.

Action 4: Demonstrate the effectiveness of risk-based monitoring of FIs and DNFBPs for AML/CTF through on-site inspections, remote monitoring, and enforcement measures.

Action 5: Take action to address deficiencies related to Vietnam's legal framework on:

- Regulations and requirements for monitoring FIs and DNFBPs on AML/CTF;

- Preventive measures, especially for Recommendations:  10, 11, 12, 16, 20 of the FATF standards.Action 6: Develop a legal framework to prohibit or regulate virtual assets and virtual asset service providers, and demonstrate enforcement of regulations including measures to ensure compliance …

Action 6: Develop a legal framework to prohibit or regulate virtual assets and virtual asset service providers, and demonstrate enforcement of regulations including measures to ensure compliance. 

More details can be found in Decision 194/QD-TTg issued on February 23, 2024

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE