On November 6, 2024, in Hanoi, the State Bank of Vietnam (SBV) organized a working session between the Anti-Money Laundering Steering Committee and the Asia/Pacific Group on Money Laundering (APG) under the chair of SBV Governor Nguyen Thi Hong, First Deputy Head of the Anti-Money Laundering Steering Committee.
Also attending the working session, there was SBV Deputy Governor Pham Tien Dzung, representatives of the relevant Ministries and Government agencies, the Banking Supervision Agency, and other SBV’s entities. On the side of the APG High-Level Delegation , there was Mr. Mitsutoshi Kajikawa, APG Co-Chair; Mr. David Shannon, APG Deputy Executive Secretary; together with other senior officers of the APG, as well as experts on anti-money laundering and combating terrorism financing, etc.
Governor Nguyen Thi Hong
Speaking at the meeting, Governor Nguyen Thi Hong acknowledged and spoke highly of the active support and valuable advice of the APG in 2023. In particular, based on the recommendations of the APG, the SBV, as the Standing Body assisting the Anti-Money Laundering Steering Committee, had taken the lead and coordinated with the relevant Ministries and Government agencies to draft and advise the Prime Minister to issue the National Action Plan for the implementation of Vietnam’s commitments to anti-money laundering, combating terrorism financing (AML/CFT), and combating the financing of the proliferation of weapons of mass destruction (WMD) (issued at Decision No.194/QD-TTg dated February 23, 2024 of the Prime Minister), with 17 specific actions identified by the Financial Action Task Force (FATF).
At the meeting, the representatives of the relevant Ministries and Government agencies shared about the achieved results and Vietnam's efforts in the policy formulation, the improvement of the legal frameworks, etc., as well as the difficulties in the implementation of each action, thereby suggesting professional issues to be discussed with the APG High-Level Delegation in the coming time.
On that basis, the APG was requested to continue to provide specific instructions and suggestions for the effective implementation of the actions for the cause of AML/CFT and combating the financing of the proliferation of WMD; actively share more information and international experience, etc.
Mr. Mitsutoshi Kajikawa, APG Co-Chair
For his part, Mr. Mitsutoshi Kajikawa, APG Co-Chair, said that the working session was of great importance, and was an opportunity for the two sides to discuss, and to share the APG's experience and support plan for Vietnam in the implementation of the National Action Plan on AML/CFT and combating the financing of the proliferation of WMD in accordance with Vietnam’s commitments with the FATF.
In addition, Mr. Mitsutoshi Kajikawa also emphasized the SBV’s role in improving the legal frameworks and the policy mechanisms related to AML/CFT and combating the financing of the proliferation of WMD, as well as maintaining the strong commitments and implementing necessary strategic measures to ensure the socio-economic stability in general.
Mr. David Shannon, APG Deputy Executive Secretary
Re-affirming the willingness to support and share the APG’s experience with Vietnam, Mr. David Shannon, APG Deputy Executive Secretary, said that the APG would always accompany and support the SBV as well as Vietnam, exchange and discuss matters related to the mechanisms, the implementation progress and the procedures of the FATF International Cooperation Review Group (ICRG).
The APG Deputy Executive Secretary spoke highly of Vietnam’s people-centered approach in the implementation of the established Action Plan. This would be a solid foundation for building a prosperous and developed country, in line with the goal of ensuring security, social stability, and protecting the rights and interests of the people.
Therefore, the authorities need to focus on resolving the difficulties, creating favorable conditions for the people and businesses, while still ensuring strict compliance with the regulations on AML/CFT. In addition to the technical assistance partners, Vietnam also needs to strengthen other international activities through its engagement with the regional monitoring agencies, cooperate in the investigations against transnational crimes to ensure the effectiveness of AML and the protection of the national security.
Overview of the working session
Toward the end of the working session, Governor Nguyen Thi Hong expressed her high appreciation for the comments and sharing of the APG representatives on each specific substance, and affirmed that Vietnam is always determined to implement its commitments related to AML/CFT. The SBV and the relevant Ministries and Government agencies are aware of the importance of those actions to the macro-economic growth targets, and to the overall results of the tasks of AML/CFT and combating the financing of the proliferation of WMD.
The SBV Governor hoped that the APG and the High-Level Delegation members would continue to support Vietnam by providing more comments, guidance, and technical support. The SBV Governor also shared that, in the coming time, the SBV would continue to closely coordinate with the relevant Ministries and Government agencies to finalize the draft report to be submitted to the Government and the Prime Minister, aiming towards a strict and effective implementation of the National Action Plan, showing Vietnam's strong determination for the realization of the tasks of AML/CFT as committed.
Le Hang