Vietnamese National Action Plan to Combat Money Laundering and Terrorism Financing Signed
Hanoi, The Gulf Observer: Deputy Prime Minister Le Minh Khai signed a decisive document on February 23, officially promulgating the National Action Plan aimed at implementing the Government’s commitment to prevent and combat money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction.
The primary objective of this comprehensive plan is to realize Vietnam’s commitment to the Financial Action Task Force (FATF) and, consequently, expedite the removal of the country from the Increased Monitoring List, commonly referred to as the “Grey List.” The execution of these measures is grounded in ensuring maximum national interests and upholding the highest standards of international financial security.
The National Action Plan outlines 17 specific actions that will be undertaken to fulfill these commitments. Key among these is enhancing the understanding of money laundering and terrorist financing risks among competent authorities and taking proactive measures to mitigate these risks through the implementation of targeted strategies and policies. The plan also emphasizes the imperative of effective cooperation, coordination, and communication between relevant agencies to fortify the nation’s defenses against illicit financial activities.
A strategic focus will be placed on reinforcing both formal and informal cooperation with foreign partners. This involves multilateral cooperation in extradition and legal assistance, as well as collaborative efforts between law enforcement agencies and Financial Intelligence Units. Viet Nam commits to providing constructive information and actively seeking cooperation with international partners on matters related to criminals and their assets. Adequate resources will be allocated to competent authorities, including central agencies, to facilitate seamless international cooperation.
To adapt to the evolving financial landscape, Vietnam will develop a robust legal framework to either prohibit or regulate virtual assets and virtual asset service providers. The enforcement of these regulations will be rigorously demonstrated to ensure compliance with international standards.
Law enforcement and prosecution agencies are mandated to prioritize parallel financial investigations. The plan envisions a significant and sustainable increase in the number of money laundering investigations and prosecutions, aligning with Vietnam’s specific money laundering risk profile.
The signing of this National Action Plan underscores Vietnam’s unwavering commitment to global efforts against financial crimes, reinforcing its position as a responsible and proactive member of the international community.
