On September 11, 2023, the relevant entities of the State Bank of Vietnam (SBV) had technical discussion sessions with the Asia/Pacific Group on Money Laundering (APG) Mission. In the afternoon of the same day, SBV Governor Nguyen Thi Hong had a meeting with Mr. David Shannon, APG Deputy Executive Secretary, and the APG Mission.
Speaking at the meeting, Governor Nguyen Thi Hong informed that, since the second APG’s Multilateral Assessment Report of Vietnam’s efforts was launched in February 2022, the Government of Vietnam has recognized the shortcomings in the mechanism for anti-money laundering, combating the financing of terrorism (AML/CFT) and the financing of the proliferation of weapons of mass destruction (WMD) identified in that Report. In addition, the SBV Governor also shared that the Government of Vietnam had requested the relevant Ministries and agencies to coordinate closely with the APG to implement the recommended actions to address those shortcomings. Several measures had been conducted, such as the issuance of the National Action Plan on AML/CFT and the financing of the proliferation of WMD (referred as Plan 941); the SBV’s issuance and submission to the competent authorities for issuance of a number of key legal documents regulating the AML in Vietnam, thereby having created a clear legal framework for the implementation of AML activities. The Government has also assigned the SBV as the focal authority to coordinate with the relevant Ministries and agencies to conduct a national risk assessment on money laundering and terrorism financing in the 2018-2022 period–, and the active engagement of the relevant Ministries and agencies in the implementation of the tasks as set out in Plan 941. The SBV Governor also emphasized that the SBV would put strong efforts into coordinating with the relevant Ministries and agencies to consider and come up with specific and feasible implementation solutions in light of Vietnam's situation in order to implement Vietnam’s commitments with the FATF, develop and implement Vietnam's mechanism for AML in accordance with the international standards.
The discussion session between the APG Secretariat and Vietnam National Steering Committee for AMF/CFT
At the meeting, the APG Deputy Executive Secretary acknowledged the efforts of the SBV as well as the Ministries and agencies in the implementation of the mechanisms for AML/CFT and the financing of the proliferation of WMD. Mr. David Shannon also complimented the SBV for having discussed closely and frequently with the APG about plans and orientations for initiating and supervising the AML/CFT and the financing of the proliferation of WMD as a member of the Group.
Le Hang