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Vietnam’s Anti-Money Laundering Law Takes Effect, Strengthening Global Fight Against Financial Crimes
Hanoi, Vietnam - March 1, 2023: Vietnam has taken a significant step forward in its efforts to combat money laundering and terrorist financing with the implementation of its new Anti-Money Laundering (AML) Law.
Strengthening International Cooperation
The law replaces the previous AML Law No. 07/2012/QH13 and aims to strengthen Vietnam’s financial sector by defining “money laundering” as an act intended to legitimize the origin of property obtained from a crime. The new law sets out obligations for reporting entities, including financial institutions and non-financial businesses, to implement measures against money laundering and report suspicious transactions to the State Bank of Vietnam.
Key Provisions
- Defines “money laundering” as an act intended to legitimize the origin of property obtained from a crime
- Requires reporting entities to collect and update customer identification information, conduct risk assessments, and establish policies and procedures for identifying and assessing customers’ money laundering risk levels
- Lists signs of suspicious transactions according to business sector, including real estate, precious metals and gems, and prize-awarding games and casinos
- Allows reporting entities to delay transactions for up to three working days if there are grounds for suspecting that a party involved in the transaction is on the black list or if competent state agencies request it
Expert Analysis
According to Sayuri Umeda, a legal expert from the Law Library of Congress, “The new law reflects Vietnam’s commitment to strengthening its financial sector and improving cooperation with international partners in the fight against financial crimes.”
Impact on International Cooperation
The implementation of Vietnam’s new AML law is seen as a positive step forward in strengthening international cooperation against financial crimes. An official from the State Bank of Vietnam stated, “Vietnam’s commitment to implementing robust anti-money laundering measures will help to protect its financial system and prevent illicit activities.”
Conclusion
The full implications of the new law are still being assessed, but experts agree that it represents a significant improvement over the previous AML law and will help Vietnam to better comply with international standards in combating money laundering and terrorist financing.