VN determines to combat money laundering, terrorism financing

Deputy Prime Minister Vuong Dinh Hue receives a delegation of the Asia-Pacific Group on Money Laundering (APG), led by David Becker - Director for typologies at the APG Secretariat, Ha Noi, November 8, 2019. Photo: VGP

Hue made stressed the point on November 8 at his reception for a delegation of the Asia-Pacific Group on Money Laundering (APG), led by David Becker - Director for typologies at the APG Secretariat.

Becker’ team is working with Vietnamese competent authorities to review the implementation of the plan on multilateral assessment of anti-money laundering and counter-terrorist financing in Viet Nam from November 4-15. The plan was approved by APG member countries at the 20^th APG Annual Meeting.

Welcoming the APG delegation to Viet Nam, Hue said that the Viet Nam’s Anti-Money Laundering Steering Committee convened its meeting in early September this year to prepare for the assessment.

The Supreme People’s Court has issued resolutions guiding the implementation of the Penal Code’s articles on money laundering and terrorist financing, and the Government has also issued decrees relevant to Financial Action Task Force (FATA) recommendations, he added.

The nation has maintained macro-economic sustainability, high economic growth rate, low inflation and foreign investment attraction while effectively combatting corruption, including bringing several big cases related to money laundering to light, said Deputy PM Hue.

Viet Nam will continue completing the legal system and enhancing international cooperation, particularly legal assistance in this field, asserted Hue.

Becker spoke highly of Viet Nam’s careful preparations and coordination in assessment, acknowledging the country’s political determination in fight corruption and money-laundering.

Viet Nam is a member of the APG which is part of the FATF -  an inter-governmental body established in 1989.

The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. 

By Thuy Dung