On November 20-22, 2024, in Hanoi, the State Bank of Vietnam (SBV) organized 3 Conferences to disseminate the results of the national assessments of money laundering and terrorism financing risks for the period of 2018-2022.
The Conferences were organized with the aim to implement the provisions as stated in Paragraph 2, Article 7 of the Law on Anti-Money Laundering, as well as the requirements at Decision No.194/QD-TTg dated February 23, 2024 issuing the National Action Plan for the implementation of Vietnam’s commitments to anti-money laundering, combating terrorism financing (AML/CTF) and the financing of the proliferation of weapons of mass destruction (WMD), and Resolution No.71/NQ-CP dated May 15, 2024 issuing the Implementation Plan following the National Assessment on money laundering risks for the period of 2018-2022.
The Conferences were held in hybrid format with online participants from all of the 63 cities/provinces, as well as nearly 200 representatives of the relevant Ministries, agencies, and 5,000 participants from the credit institutions, the foreign bank branches, the payment intermediary service providers, insurance companies, etc.
Mr. Hoang Gia Bao, Deputy Director General of the Department of Anti-Money Laundering, speaks at the Conference
At the Conferences, the representatives from the SBV Department of Anti-Money Laundering presented about the assessment results of money laundering risks for the period of 2018-2022, including the national risks and the risks of each sector in the economy. Also, a representative from the Bureau of Homeland Security under the Ministry of Public Security shared about the key results in the Report on the National assessment of terrorism financing risks.
Ms. Nguyen Thi Minh Tho, Deputy Director General of the Department of Anti-Money Laundering, speaks at the Conference
The assessments and sharing of the assessment results of money laundering and terrorism financing risks are one of the fundamental requirements of the Asia Pacific Group on Money Laundering (APG) and the Financial Action Task Force on Money Laundering (FATF).
This is the second time Vietnamese authorities have conducted the national assessments of money laundering and terrorism financing risks. These risk assessments are conducted based on the WB’s toolkit, with the participation of nearly 200 officers from various Ministries, agencies, research institutes, business associations and the reporting entities. The completion and dissemination of the results of the national assessments of money laundering and terrorism financing risks are the foundation for the combat against money laundering and terrorism financing in the current context.
Colonel Dam Van Minh, representing the Bureau of Homeland Security under the Ministry of Public Security, speaks at the Conference
In addition, the Conferences were also good opportunities for the Ministries, agencies, reporting entities to better understand about the risks of money laundering and terrorism financing at the national level, as well as of each sector in the economy, thereby implementing appropriate measures in order to minimize the risks and combat more effectively against money laundering and terrorism financing in their respective sectors, agencies and entities, as well as throughout the country as a whole.
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