On November 16, 2022, the State Bank of Vietnam (SBV) issued Decision No. 1945/QD-NHNN issuing the SBV’s Plan for implementing the National Action Plan on anti-money laundering, combating terrorism financing (AML/CFT) and the financing of the proliferation of weapons of mass destruction (WMD) in the 2021–2025 period, which was issued by Decision No. 941/QD-TTg dated August 5, 2022 of the Prime Minister.
The overall goals of the Plan are to contribute to formulating an effective mechanism for anti-money laundering (AML) in Vietnam; implementing the responsibilities as the leading authority in the Asia/Pacific Group on Money Laundering (APG); coordinating with the relevant Ministries and agencies to implement Vietnam’s membership obligations in the APG; additionally, contributing to protecting the national interests and the interests of the organizations and individuals in the economy; enhancing the stability of the banking sector; thereby, contributing to protecting the security, safety and disciplines in the society, and boosting the economic growth.
The specific objectives of the Plan are to contribute to improving the national legal framework for AML, formulating a system of legal documents on AML in the finance and banking sector in line with the practical situations in the domestic economy, and heading towards full alignment with the international standards; improving the efficiency in the assessment of the national risks related to money laundering, and enhancing domestic cooperation on the basis of the assessment of national risks related to money laundering and the formulation of a national action plan to deal with all identified risks related to money laundering based on the assessment results of the national risks; promoting the effectiveness of the inspection and supervision related to money laundering against the reporting subjects in the monetary and banking fields; studying and implementing the supervision on the basis of risks related to money laundering; developing capacity, especially for the Banking Supervision Agency; improving the effectiveness of international cooperation, accelerating the negotiations and signing of memoranda of understanding (MOUs) on cooperation and information exchange related to AML with foreign authorities; joining the international and regional institutions related to AML; promoting the information and communication, and improving the knowledge about AML; implementing successfully the role as the leading authority in the implementation of Vietnam’s membership obligations in the APG, especially the obligations arising from the APG's results of multilateral assessments on the mechanisms for AML/CFT and the financing of proliferation of WMD in Vietnam.
Accordingly, the Plan includes the following main tasks and measures:
First, improving the legal framework for AML on the basis of aligning with the international requirements, taking into consideration the practical conditions in Vietnam;
Second, improving the effectiveness of the assessments on money laundering risks and domestic cooperation;
Third, strengthening the inspection and supervision to ensure that reporting entities in the monetary and banking sector comply with the provisions on AML, towards the application of a risk- based approach;
Fourth, improving the effectiveness of AML activities;
Fifth, enhancing the efficiency in the international cooperation, the information sharing and exchange related to AML;
Sixth, continuing to promote the information dissemination and training in order to raise awareness and improve the understanding about AML among the relevant agencies and reporting subjects in the monetary and banking sector.
The SBV entities are assigned to take lead and proactively coordinate with other units to strictly implement the tasks according to the schedule. The SBV Governor has also assigned the Banking Supervision Agency to be the leading authority to monitor and make report on the implementation of the tasks of the Plan.
This Decision took effect from the date of signing.
Le Hang