Action plan issued to address money laundering, terrorist financing risks

The plan aims to improve the mechanism of preventing and combating the phenomena in Vietnam as well as control and minimize the risks in the field based on the national risk assessment results in 2012-2017.

It will also serve the multilateral evaluation by the Asia/Pacific Group on Money Laundering (APG) of Vietnam’s anti-money laundering and terrorism financing mechanisms in 2019.

The action plan includes groups of measures related to the legal framework, powers and responsibilities of authorised agencies, domestic cooperation, inclusive financial products, and international collaboration.

Relevant ministries and departments are required to make annual reports about the implementation of the plan to the State Bank of Vietnam before the 10th day of March, September and November. The bank will report the outcomes to the Prime Minister.

The decision took effect from the signing day of April 30, 2019.