Matters of international cooperation on anti-money laundering in Vietnam

What are the matters of international cooperation on anti-money laundering in Vietnam? - Cam Thy (Dong Nai, Vietnam)

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Matters of international cooperation on anti-money laundering (AML) in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. Matters of international cooperation on anti-money laundering (AML) in Vietnam

According to Clause 2, Article 6 of the Law on Anti-Money Laundering 2022, competent regulatory authorities shall, based on their range of functions and duties, conduct international cooperation regarding AML in:

- Identification and freezing of property or assets of money-laundering criminals;

- Execution of mutual legal assistance requests;

- Communication, provision and transfer of AML information with foreign competent authorities;

- Research, training, information support, technical assistance, financial aid and AML experience exchange;

- Other AML cooperation activities prescribed by law.

2. Cases of refusal to communicate, provide and transfer AML information in Vietnam

During the process of international cooperation in AML, competent state authorities may refuse to communicate, provide and transfer AML information if:

- The requested information may prejudice national independence or autonomy, sovereignty, territorial integrity, national security and other essential interests of Vietnam;

- The requested information are inconsistent with international treaties of which the Socialist Republic of Vietnam is a member state; international agreements between the Vietnam signatory and the other foreign signatories; or regulatory provisions of national law of Vietnam;

- The request for communication, provision or transfer of information is not fully complete as required by law;

- The requesting competent authority in foreign jurisdictions fails to either undertake or protect the confidentiality of the information requested to be communicated, provided or transferred by the competent authority in Vietnam under the secrecy or confidentiality mechanism or regime in line with Vietnam’s regulatory provisions on protection of state secrets.

(Clause 3, Article 6 of Law on Anti-Money Laundering 2022)

3. Principles of international cooperation on anti-money laundering in Vietnam

The principles of international cooperation on anti-money laundering in Vietnam are specified in Clause 1, Article 6 of the Law on Anti-Money Laundering 2022 as follows:

- International cooperation in the prevention and combat of money laundering shall be carried out according to the principle of respecting independence, sovereignty and territorial integrity, national security, mutual benefits, and compliance with Vietnamese laws and international treaties to which the Socialist Republic of Vietnam is a contracting party, and international agreements between the Vietnamese contracting party and the foreign contracting party.

- In case where there is no international treaty or agreement between Vietnam and a foreign country:

The exchange, provision and transfer of information in international cooperation in AML shall be conducted subject to the principle of reciprocity without being in contravention of Vietnam’s domestic law, and conforming to international law and practices.

In addition, the process, procedures and methods of international cooperation in the prevention and combat of money laundering comply with international treaties to which the Socialist Republic of Vietnam is a signatory, international agreements between the signatories and parties. Vietnam and foreign contracting parties, other relevant provisions of law.

In addition, annually or at the request of the State Bank of Vietnam, the competent state agency of Vietnam is responsible for providing contents of international cooperation in prevention and combat of money laundering with competent agencies. foreign jurisdiction for the State Bank of Vietnam.

Nguyen Thi Hoai Thuong

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