National Action Plan on anti-money laundering approved
Unofficial translation from the Vietnamese original.
Deputy Prime Minister Le Minh Khai has signed a Decision promulgating the National Action Plan on combating money laundering, terrorist financing and proliferation financing for the 2021–2025 period.
Hanoi (VNA) – Deputy Prime Minister Le Minh Khai has signed a Decision promulgating the National Action Plan on combating money laundering, terrorist financing and proliferation financing for the 2021–2025 period.
The overall objective of the plan is to build an effective mechanism for combating money laundering, terrorist financing and proliferation financing, for peace, stability, development and integration, to enhance Vietnam’s prestige and standing in the international community and to fulfil Vietnam’s role as a member of the Asia/Pacific Group on Money Laundering (APG).
This is intended to best protect the interests of the nation, organisations and individuals, to enhance the stability of financial institutions, to help ensure security, public order and social safety, and to promote economic growth.
Accordingly, the plan sets out policies to improve the legal framework and develop relevant legal documents in line with domestic realities and international standards; to improve the effectiveness of money laundering, terrorist financing and proliferation financing risk assessments; to strengthen inspection under a risk-based approach; and to further step up investigation, prosecution, adjudication and asset recovery, especially in high-risk sectors.
Under the plan, the relevant ministries and sectors will submit proposals for regulations on administrative penalties relating to virtual assets and will strengthen inspection in the areas under their management.
Source: National Action Plan on anti-money laundering approved
Thu Ha - Centre 81