Criteria for national assessment of money laundering risks in Vietnam

Criteria for national assessment of money laundering risks in Vietnam

Specifically, the criteria for national assessment of money laundering risks in Vietnam include:

(1) A set of criteria for national assessment of money laundering risks are classified into the following subsets: money laundering risk; appropriateness of anti-money laundering policies and measures; and consequences of money laundering for the country, and sectors or industries.

(2) The subset of money laundering risk criteria includes the following components: money laundering risk from sources of money laundering crime, and money laundering risk to sectors or industries, which are specifically described as follows:

- The component of money laundering risk from sources of money laundering crime is subdivided into money laundering risks specific to sources of domestic and transnational crime that are assessed;

- The component of money laundering risk to sectors and industries is subdivided into money laundering risks specific to domestic and transnational sectors or industries that are assessed.

(3) The subset of criteria of appropriateness of anti-money laundering policies and measures includes the following components: the comprehensiveness of legal framework and the effectiveness of law enforcement, which are specifically described as follows:

- The component of the comprehensiveness of legal framework is subdivided into the adequacy of anti-money laundering laws of the country and specific sectors or industries;

- The component of the effectiveness of law enforcement is subdivided into the effectiveness of enforcement of laws of the country; of sectors or industries; and the appropriateness of anti-money laundering policies and measures associated with a number of key products and services of these sectors or industries in Vietnam.

(4) The subset of consequences of money laundering, including:

- Adverse impacts of money laundering on the economy;

- Adverse impacts of money laundering on the financial system;

- Adverse impacts of money laundering on sectors and industries;

- Adverse impacts of money laundering on the society.

Decree 19/2023/ND-CP takes effect from the date of signing, except for regulations on transaction value at Point b, Clause 1, Clause 2 and Clause 4, Article 6 of Decree 19/2023/ND-CP effective from December 1, 2023.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE