Contents of coordination in the fight against money laundering between ministries, ministerial-level agencies and government agencies in Vietnam

Contents of coordination in the fight against money laundering between ministries, ministerial-level agencies and government agencies in Vietnam (Internet image)

1. Contents of coordination in the fight against money laundering crimes among ministries, ministerial-level agencies, and agencies attached to the Government of Vietnam

Contents of coordination in the fight against money laundering and terrorist financing in Vietnam include:

- Exchange and provide information on suspicion of money laundering, terrorist financing.

- Establish a "hotline" to receive and process urgent information on terrorist financing.

As follows:

- The State Bank of Vietnam, upon receiving information from the reporting subjects and having reasonable grounds to suspect the transaction stated in the report is related to money laundering or terrorist financing, has the following duties:

+ Collect, process and analyze information on suspicious transactions with suspected signs of money laundering or terrorist financing.

+ Transfer information or case files when there are reasonable grounds to suspect the transaction mentioned in the report is related to money laundering or terrorist financing to the competent authority according to the provisions of the Law on Prevention and Combating of Money Laundering and the Law on Prevention and Combat of Terrorism. Exchange, provide information, or file the above case within 90 working days from the date of transferring information to competent agencies under the Ministry of Public Security and the Ministry of National Defense through the focal units for centralized handling according to their competence as follows:

For suspected cases related to money laundering, contact the Economic Security Department, the Ministry of Public Security.

For suspected cases related to terrorist financing, send them to the Department of Homeland Security, Ministry of Public Security.

For suspected cases related to money laundering under the management of the Ministry of National Defense, they shall be sent to the Criminal Investigation Department, Ministry of National Defense.

For suspected cases related to terrorist financing under the management of the Ministry of National Defense, they shall be sent to the Military Security Protection Department, the Ministry of National Defense.

+ For information and suspected cases related to money laundering that are transferred to agencies and units other than the Ministry of Public Security, the State Bank of Vietnam is directed to copy and send documents on transferring these cases (will not include complete records of transactions transferred to units) to the Department of Economic Security, Ministry of Public Security, for information and to update information in the "Center for storing, analyzing, and processing information on money laundering and terrorist financing" under the Project "Improve the effectiveness of the fight against money laundering and terrorist financing".

+ Direct the focal unit of the State Bank of Vietnam to closely coordinate with functional units of the Ministry of Public Security, the Ministry of National Defense and relevant units in the process of providing information for verification, investigation, and case handling to ensure timely, accurate, and confidential.

- Ministries, ministerial-level agencies, and agencies attached to the Government have the following tasks:

+ Regularly review and exchange:

The Ministry of Public Security (through the Department of Economic Security) or the Ministry of National Defense (cases under the Ministry of National Defense's jurisdiction through the Criminal Investigation Department) suspected cases of money laundering.

The Ministry of Public Security (through the Department of Homeland Security) or the Ministry of National Defense (cases under the jurisdiction of the Ministry of National Defense through the Department of Security Protection of the Army) suspected cases related to terrorist financing; Cases related to the black list of individuals and organizations conducting suspicious financial transactions related to terrorist activities have been posted on the website of the Ministry of Public Security for coordination in verification, investigation and handling in accordance with law.

Directing professional units under their management to closely coordinate with professional units of the Ministry of Public Security, the Ministry of National Defense, and relevant units in the process of providing information for verification purposes, investigate and handle cases in a timely, accurate, and confidential manner.

- The Ministry of Public Security and the Ministry of National Defense when receiving and handling suspicious transaction information with signs of money laundering or terrorist financing transferred from the State Bank of Vietnam or suspected cases of money laundering or terrorist financing from ministries, ministerial-level agencies, and government-attached agencies with the following responsibilities:

+ Direct the focal unit to receive and handle the case to closely coordinate with the unit to transfer the case
belonging to ministries, ministerial-level agencies, and agencies attached to the Government to quickly review, verify, and collect information on the transferred case.

+ Direct the assigned professional unit to verify and thoroughly handle the transferred case; regularly exchange developments and handling of the case with professional units of case transfer under ministries, ministerial-level agencies, and government-attached agencies every 4 months from the date of receipt and handling of the case until the final handling results and conclusions on the case are available.

- Professional units of ministries, ministerial-level agencies, and government agencies when receiving requests for cooperation in the verification and exchange of information from professional units of the Ministry of Public Security and the Ministry of National Defense To verify, investigate, and handle cases with suspected signs of money laundering and terrorist financing, they are responsible for reviewing and exchanging information within 60 working days from the date of receiving the request to provide information.

- In cases where there are indications of money laundering or terrorism financing, investigating agencies and agencies assigned a number of investigating activities under the People's Police and the People's Army must coordinate with the competent People's Procuracy to exercise the right to prosecute and supervise the settlement of information sources in accordance with law.

- Assigning the Ministry of Public Security:

+ Establishing a hotline to receive and handle urgent information on terrorist financing.

+ Coordinating with the Ministry of Information and Communications, Vietnam Television Station, Voice of Vietnam Radio, Vietnam News Agency to widely publicize information about the hotline in the media, press, and television stations, as well as on radio, so that people will know about it.

3. Principles in the fight against money laundering crimes among ministries, ministerial-level agencies, and government-attached agencies in Vietnam

- Ensuring close and effective coordination based on the functions, tasks, and powers of each agency in the process of operation; ensure compliance with the party's guidelines and policies, as well as state laws; and act in accordance with international treaties that Vietnam has joined and signed in the field of money laundering and terrorist financing prevention and combat.

- Coordination activities must be carried out on a regular and timely basis to ensure proper content and efficiency.

- Ensuring compliance with the law on protection of State secrets. Only use the information provided for professional work and legal work when eligible.

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