Vietnam Takes Significant Steps to Combat Money Laundering, Terrorist Financing
Strengthening Anti-Money Laundering and Counter-Terrorist Financing Efforts
In a major move to prevent and combat money laundering, terrorist financing, and the financing of weapons of mass destruction proliferation, Vietnam has adopted a comprehensive package of measures. According to Ecovis consultants, these measures aim to quickly implement the country’s commitment with the Financial Action Task Force (FATF) to remove it from the Increased Monitoring List (Grey List), while balancing national interests.
Key Measures
Decision 194/ QD-TTG, signed by Vietnam’s Deputy Prime Minister on February 23, outlines 17 specific actions to fulfill the country’s obligations and demonstrate its improved understanding of money laundering and terrorist financing risks. The measures emphasize effective cooperation, coordination, and communication among relevant agencies.
Strengthening International Cooperation
- Prioritize strengthening formal cooperation with foreign partners through multilateral extradition and legal assistance agreements
- Foster informal cooperation between law enforcement agencies and financial intelligence units
- Ensure adequate resources for international cooperation
Regulatory Framework for Virtual Assets and Service Providers
Vietnam is developing a legal framework to regulate virtual assets and service providers, ensuring the effective enforcement of regulations to ensure compliance.
Enhanced Law Enforcement and Prosecution Efforts
- Focus on parallel financial investigations
- Significantly increase the number of money laundering investigations and prosecutions, consistent with Vietnam’s risk profile
Commitment to Combating Money Laundering, Terrorist Financing, and Proliferation
Vietnam is committed to demonstrating its commitment to combating money laundering, terrorist financing, and the proliferation of weapons of mass destruction. With these measures in place, Vietnam aims to ensure a safer and more transparent financial environment for businesses operating within its borders.
Contact Information
For further information on money laundering measures in Vietnam, please contact: Nghia Duong Tran, Partner at Tax, Accounting, and Consulting firm Ecovis AFA Vietnam, based in Da Nang City Email: nghia.tran@ecovis.com.vn