On April 30, 2019, Deputy Prime Minister Vuong Dinh Hue, on behalf of the Prime Minister, signed Decision No. 474/QD-TTg promulgating the Action Plan to address the risks of money laundering and terrorist financing in the 2019-2020 period.
According to Decision No. 474/QD-TTg, the Government approves the Report on National Risk Assessment of Money Laundering and Terrorist Financing for the 2012-2017 period, and the Action Plan to address the risks of money laundering and terrorist financing in the 2019-2020 period.
The Report on National Risk Assessment of Money Laundering and Terrorist Financing for the 2012-2017 period identifies that money laundering risks at the national level are rated MEDIUM HIGH, while the terrorist financing risks in Vietnam are assessed as LOW. The report also specifies the money laudering risks in the fields of banking, real estate, securities, casino, etc.
The objectives of the Action Plan to address the risks of money laundering and terrorist financing in the 2019-2020 period are to improve the mechanism on the prevention and combating of money laundering and terrorist financing in Vietnam; control and mitigate the risks of money laundering and terrorist financing as assessed by the National Risk Assessment of Money Laundering and Terrorist Financing for the 2012-2017 period; meet international criteria on anti-money laundering and counter terrorist financing; serve for the multilateral review of the Asia/Pacific Group on Money Laundering (APG) regarding Vietnam’s mechanism on the prevention and combating of money laundering and terrorist financing in 2019.
The Action Plan is composed of five groups of actions: (1) a group of measures related to the legal framework; (2) A group of measures on powers and responsibilities of the competent authorities; (3) domestic cooperation; (4) inclusive financial products; and (5) international cooperation.
Le Hang