Vietnamese delegation attends face-to-face meeting with the FATF Joint Group

On 4 and 5 September 2024, in Hong Kong, China, the Vietnamese delegation attended a face-to-face meeting with the Joint Group (JG) of the Financial Action Task Force (FATF) to discuss the progress report on the implementation of the National Action Plan implementing the Vietnamese Government's commitments on anti-money laundering, counter-terrorist financing and counter-proliferation financing.

On the JG side, the meeting was attended by representatives of the FATF Secretariat, the co-chairs of the Asia/Pacific Group on Money Laundering (APG) and 09 members assessing the Immediate Outcomes (IOs). The Vietnamese delegation comprised representatives of the Ministry of National Defence, the Ministry of Public Security, the Supreme People's Procuracy and the State Bank of Vietnam, and was led by the Director General of the Anti-Money Laundering Department, Banking Inspection and Supervision Agency, State Bank of Vietnam.

The Joint Group of the Financial Action Task Force (FATF)

In fulfilment of its national commitments and obligations while on the FATF list of Jurisdictions under Increased Monitoring (the grey list), Vietnam has issued the National Action Plan implementing the Vietnamese Government's commitments on anti-money laundering, counter-terrorist financing and counter-proliferation financing (AML/CFT/CPF), attached to the Prime Minister's Decision No. 194/QD-TTg of 23 February 2024. Every four months, Vietnam must provide specific, detailed data demonstrating the results of implementing Decision No. 194/QD-TTg and clearly showing progress during the reporting period. The first progress report (PR), adopted in June 2024, demonstrated many of the efforts made and results achieved by Vietnam in AML/CFT/CPF.

This meeting aimed to assess the results of the second progress report (PR 2), covering the period from June 2024 to date. It is the last important opportunity in each reporting cycle for Vietnam to defend the results of its implementation of the National Action Plan. During the meeting, the Joint Group (JG) held discussions and requested explanations of progress on each item of the National Action Plan (comprising 17 actions corresponding to 9 Immediate Outcomes (IOs) under the FATF guidance).

For each specific item, the Vietnamese delegation provided data and explained the specific results achieved by each ministry and sector during the latest reporting period. Based on the presentations by representatives of the Vietnamese ministries and sectors, the JG commended Vietnam's efforts in implementing the National Action Plan, as evidenced by supporting data and typical prosecution cases relating to money laundering offences; enhanced cooperation with regional financial intelligence units on verification, investigation and prosecution; enhanced information exchange among Vietnam's competent authorities; strengthened guidance to and inspection of FIs and DNFBPs in complying with AML, CFT and CPF legislation; and the development of regulations on targeted financial sanctions obligations related to terrorist financing. As regards the actions of the Ministry of National Defence, results were achieved in technical compliance with Recommendation 7: publication of the obligations relating to targeted financial sanctions related to proliferation financing; publication of the procedure allowing organisations and individuals to request removal from the designated list; signing of coordination regulations with the Anti-Money Laundering Department; and capacity-building training and implementation guidance for FIs and DNFBPs;...

While commending these results, the JG also called on Vietnam to actively implement the actions falling due under Decision No. 194/QD-TTg in a timely manner.

Nguyen Thanh Tung – Centre 81