Financial Crime World

Vietnam Takes Steps Forward in Money Laundering Prevention: Insights from Ecovis Consultants

Vietnam’s determination to enhance its financial crime prevention measures is aimed at removing the country from the Financial Action Task Force (FATF) Grey List and securing national interests. Ecovis Consultants provide an in-depth look into the new measures and their potential implications for businesses within the country.

Vietnam’s Money Laundering Prevention Measures: Key Developments

On 23rd February 2024, the Deputy Prime Minister of Vietnam signed Decision no. 194/QD-TTg, which focuses on aligning Vietnam’s commitments with the FATF and addressing risks associated with money laundering, terrorist financing, and proliferation financing. The decision outlines 17 actions designed to strengthen Vietnam’s approach to these issues.

Notable Measures

  1. International cooperation: Vietnam’s competent authorities will prioritize strengthening multilateral cooperation and proactively seek information and cooperation from foreign partners.
  2. Virtual asset regulation: A legal framework will be established to manage and regulate virtual assets and virtual asset service providers.
  3. Financial investigations: Law enforcement and prosecution agencies will put more emphasis on financial investigations and demonstrate a sustained increase in the number of cases against money laundering.

Vietnam’s Broader Commitment to Financial Crime Prevention

These measures represent part of Vietnam’s more extensive strategy to improve its understanding of potential risks and take action toward mitigating them. By adopting interconnected strategies and policies, Vietnam works to meet FATF requirements and safeguard its national interests.

Contact Ecovis for Further Information

For a deeper understanding of Vietnam’s money laundering measures and their implications for businesses, contact:

Nghia Duong Tran Partner of Tax, Accounting, and Consulting, ECOVIS AFA Vietnam, Danang City, Vietnam. Email: nghia.tran@ecovis.com.vn

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