Gov't adopts new action plan for combatting money laundering and terrorism financing
VGP – The Government has adopted a new action plan for combatting money laundering, terrorism financing, and the financing of the proliferation of weapons of mass destruction (WMD).
The plan constitutes part of Viet Nam's efforts to implement its international commitments to prevent and combat money laundering, terrorism financing, and proliferation financing.
The plan aims to remove Viet Nam from the list of countries subject to increased monitoring issued by the Financial Action Task Force (FATF) – a global money laundering and terrorist financing watchdog.
Under the plan, the Government required ministries and central agencies to develop, issue, and effecively carry out their action plans to reduce risks of money laundering for 2023-2028 period.
Ministries and central agencies are requested to develop and implement supervision mechanisms for the deployment of their action plans; enhance cooperation with foreign partners.
Since June 2023, when Viet Nam made a high-level political commitment to work with the FATF and APG to strengthen the effectiveness of its AML/CFT regime, Viet Nam has taken some steps towards improving its AML/CFT regime.
FATF suggested Viet Nam should continue to work on implementing its action plan to address its strategic deficiencies, including increasing risk understanding; enhancing international co-operation; implementing effective risk-based supervision for FIs and DNFBPs, taking action to regulate virtual assets and virtual asset service providers.
Viet Nam should conduct outreach activities with the private sector, establish a regime that provides competent authorities with adequate, accurate and up-to-date information on beneficial ownership./.
