Action plan adopted to address risks of money laundering, terrorist financing

14:03 | 04/05/2019 Finance - Banking

Deputy Prime Minister Vuong Dinh Hue has signed Decision No. 474/QĐ-TTg to promulgate an action plan towards tackling the risks of money laundering and terrorist financing in the 2019-2020 period.

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The goal of the action plan is to improve the mechanism on preventing and combating money laundering and terrorist financing in Vietnam, and controlling and minimising the risks of money laundering and terrorist financing, determined based on the results of the national risk assessment on money laundering and terrorist financing from the 2012 – 2017 period.

The action plan is also expected to meet international standards on prevention of money laundering and terrorist financing while serving the multilateral evaluation of the Asia-Pacific Group on Money Laundering (APG) and terrorism financing prevention for Vietnam in 2019.

The content of the Action Plan includes: 1. A group of measures related to the legal framework; 2. A group of measures related to the authority and responsibilities of competent agencies; 3. Domestic cooperation; 4. Comprehensive financial products; and 5. International cooperation.

Deputy PM Hue has also signed Decision No.475 /QĐ-TTg on Vietnam's master plan for multilateral evaluation on anti-money laundering and anti-terrorist financing.

The plan aims to materialise the commitments of the Vietnamese Government to international organizations on building Vietnam's anti-money laundering and anti-terrorist financing mechanisms and the implementation of Vietnam's membership obligations in APG while protecting the interests of the nation, organisations and individuals as well as contributing to combating crime and corruption.

The specific objectives of the master plan are to meet the provisions of Vietnamese law and the domestic situation and to prepare for the APG’s second multilateral evaluation round on anti-money laundering and terrorist financing in Vietnam, scheduled to take place in the fourth quarter of 2019.

Theo NDO