Financial Crime World

International Cooperation on Anti-Money Laundering in Vietnam: Key Matters and Principles

The Law on Anti-Money Laundering 2022 has outlined key matters and principles of international cooperation on anti-money laundering (AML) in Vietnam. In this article, we will discuss the key aspects of international cooperation on AML in Vietnam.

Key Matters of International Cooperation on AML

According to Clause 2, Article 6 of the Law on Anti-Money Laundering 2022, competent regulatory authorities shall conduct international cooperation regarding AML, including:

  • Identification and freezing of property or assets: Competent authorities shall identify and freeze the property or assets of money-laundering criminals.
  • Execution of mutual legal assistance requests: Authorities shall execute mutual legal assistance requests from foreign competent authorities.
  • Communication, provision, and transfer of AML information: Authorities may communicate, provide, and transfer AML information with foreign competent authorities.

However, these authorities may refuse to communicate, provide, or transfer AML information in certain circumstances, including:

  • If the requested information may prejudice national independence or autonomy, sovereignty, territorial integrity, national security, and other essential interests of Vietnam.
  • If the request for communication, provision, or transfer of information is not fully complete as required by law.
  • If the requesting competent authority in foreign jurisdictions fails to undertake or protect the confidentiality of the information requested.

Principles of International Cooperation on AML

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. These include:

  • Respecting independence, sovereignty, and territorial integrity: Authorities shall respect the independence, sovereignty, and territorial integrity of other countries.
  • National security: Authorities shall ensure national security and protect essential interests of Vietnam.
  • Mutual benefits: International cooperation on AML aims to achieve mutual benefits for both Vietnam and foreign jurisdictions.
  • Compliance with Vietnamese laws and international treaties: Authorities shall comply with Vietnamese laws and international treaties to which the Socialist Republic of Vietnam is a contracting party.

International Cooperation in Absence of Treaties or Agreements

In cases where there is no international treaty or agreement between Vietnam and a foreign country, the exchange, provision, and transfer of information in international cooperation on 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.

Conclusion

The competent state agency of Vietnam is responsible for providing contents of international cooperation in prevention and combat of money laundering with competent agencies of foreign jurisdictions for the State Bank of Vietnam annually or at the request. This cooperation aims to prevent and combat money laundering effectively, ensuring the stability of the financial system and protecting the rights and interests of individuals and organizations.