THE PRIME MINISTER | THE SOCIALIST REPUBLIC OF VIETNAM |
No. 194/QD-TTg | Hanoi, February 23, 2024 |
DECISION
ON THE ISSUANCE OF THE NATIONAL ACTION PLAN TO IMPLEMENT THE COMMITMENTS OF THE GOVERNMENT OF VIETNAM ON ANTI-MONEY LAUNDERING, COUNTER-TERRORIST FINANCING, AND COUNTER-FINANCING OF PROLIFERATION OF WEAPON OF MASS DESTRUCTION
PRIME MINISTER
Pursuant to the Law on Government Organization of June 19, 2015; Law on amendments to the Law on Government Organization and the Law on Organization of Local Governments dated November 22, 2019;
Pursuant to the Law on State Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Anti-Money Laundering dated November 15, 2022;
Pursuant to the Law on Anti-Terrorism dated June 12, 2013;
Pursuant to Decree No. 81/2019/ND-CP dated November 1, 2019 of the Government on combating financing of proliferation of weapon of mass destruction;
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At the request of the Governor of the State Bank of Vietnam in Report No. 13/TTr-NHNN dated February 20, 2024.
HEREBY DECIDES:
Article 1. Issue together with this Decision the National Action Plan to implement the commitments of the Government of Vietnam on anti-money laundering, counter-terrorist financing, and counter-financing of proliferation of weapon of mass destruction.
Article 2. This Decision comes into force from the date of signing.
Article 3. Ministers, heads of ministerial-level agencies, heads of Government agencies, and members of the Steering Committee for Anti-Money Laundering shall implement this Decision.
PP. PRIME MINISTER
DEPUTY PRIME MINISTER
Le Minh Khai
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NATIONAL ACTION PLAN
TO IMPLEMENT THE COMMITMENTS OF THE GOVERNMENT OF VIETNAM ON ANTI-MONEY LAUNDERING, COUNTER-TERRORIST FINANCING, AND COUNTER-FINANCING OF PROLIFERATION OF WEAPON OF MASS DESTRUCTION
(Issued together with Decision No. 194/QD-TTg dated February 23, 2024 of the Prime Minister)
I. OBJECTIVES
Implement and complete the National Action Plan to implement the Government of Vietnam's commitments on anti-money laundering, counter-terrorist financing, and counter-financing of proliferation of weapon of mass destruction with the Financial Action Task Force (FATF), swiftly remove Vietnam from the list of Jurisdictions Under Increased Monitoring (Grey List) on the basis of ensuring maximum national interests.
II. SPECIFIC ACTIONS
(According to the attached Appendix).
III. IMPLEMENTATION
1. Funding
Relevant ministries and agencies proactively prepare cost estimates for performing assigned tasks and include them in their annual operating budget estimates.
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a) Responsibilities of the State Bank of Vietnam
Implement and be held accountable to the Prime Minister and Head of the Steering Committee for Anti-Money Laundering for their assigned tasks.
Act as a focal point to monitor and urge relevant ministries and agencies to implement the tasks in the National Action Plan to implement the Government's commitments on anti-money laundering, counter-terrorist financing, and counter-financing of proliferation of weapon of mass destruction (hereinafter referred to as AML/CTF/CPF).
Before March 1, June 1, September 1 and December 1 every year, the State Bank of Vietnam shall synthesize information, data, and documents from relevant ministries and agencies to make reports in line with regulations and national interests, and then send them to FATF (and the Prime Minister).
b) Responsibilities of relevant ministries and agencies
Be held accountable to the Prime Minister and Head of the Steering Committee for Anti-Money Laundering for their assigned tasks.
Coordinate with the State Bank of Vietnam and relevant ministries and agencies in taking actions designated in this Plan and send information, data, and periodic reports mentioned above to the State Bank Vietnam on implementation results to synthesize, send a report to the Prime Minister and FATF.
3. Request the Supreme People's Procuracy and the Supreme People's Court to perform tasks according to this Plan.
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ON NATIONAL ACTION PLAN TO IMPLEMENT THE COMMITMENTS OF THE GOVERNMENT OF VIETNAM ON ANTI-MONEY LAUNDERING, COUNTER-TERRORIST FINANCING, AND COUNTER-FINANCING OF PROLIFERATION OF WEAPON OF MASS DESTRUCTION
(Issued together with Decision No. 194/QD-TTg dated February 23, 2024 of the Prime Minister)
Description of action
Deadline
Specific actions to be taken
Leading agencies
Coordinating agencies
Action 1: Demonstrate authorities have enhanced their knowledge of money laundering/terrorist financing (ML/TF) risks and have taken actions to mitigate risks through strategies and policies for AML/CTF
September 2024
- Issue and implement a plan for providing regular training for competent authorities to raise their awareness of ML/TF/PF risks. Provide information and data (workshops, training courses, participants, number of attendees, dissemination and training materials, etc.) to demonstrate that the competent agencies have been trained and their awareness of ML/TF/PF risks have been raised.
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- Develop a monitoring mechanism and supervise the implementation of action plans at ministerial and sectoral levels to minimize ML/TF/PF risks, which includes monitoring and supervision of implementation of training plans to raise competent authorities’ awareness of ML/TF/PF risks.
- Provide information and data to prove that competent agencies have actually taken actions to minimize ML/TF/PF risks.
- Ministries and agencies:
+ Initiate the plan according to their management field and assigned functions and tasks;
+ Develop and implement the National Action Plan and to minimize the risks of money laundering and terrorist financing in their ministries or agencies.
Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
- Carry out additional risk assessments for predicate offenses with high risks of money laundering identified in the Mutual Evaluation Report (MER), such as environmental crimes and sexual abuse crimes.
- Complete an industry risk assessment on money laundering in the following sectors: casino, game-of-chance business, virtual assets, legal persons, and legal agreements.
- Demonstrate risk assessments using comprehensive methodology and appropriate inputs: diverse sources of information, including Suspicious Transaction Reports (STR), crime data, intelligence analysis, research of domestic and international reports, especially with the participation of the private sector.
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- National risk assessment on money laundering: State Bank of Vietnam (SBV);
- National risk assessment on terrorist financing: Ministry of Public Security;
- Risk assessment on financing the proliferation of weapons of mass destruction: Ministry of National Defense.
Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
- Have specific plans for sectors with high potential risks such as sectors related to the use of cash in the economy, use of gold to buy and sell real estate, and corruption. Accordingly, it is necessary to focus on distributing resources (establishing teams and groups to investigate money laundering crimes and investigate high-risk predicate offenses).
- Plans related to the use of cash in the economy: State Bank;
- Plans related to using gold to buy and sell real estate: Ministry of Construction;
- Investigation of predicate offenses with high and medium-high risk of money laundering: Ministry of Public Security.
Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
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- Investigation of predicate offenses with high and medium-high risk of money laundering: Ministry of Public Security.
Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
- Share ML/TF/PF risks assessment results with other countries.
- Strengthen information technology systems to minimize identified risks (improve the quality of suspicious transaction reports, provide timely and qualified financial intelligence information, enhance coordination and responses, etc.).
State Bank
Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
Action 2: Demonstrate effective cooperation, coordination, and communication between agencies involved in ML/TF (E.g., between law enforcement agencies, between the Anti-Money Laundering Department and law enforcement agencies, between supervisory agencies) at the operational level
September 2024
- Improve coordination between relevant agencies on anti-money laundering (between law enforcement agencies, between the Anti-Money Laundering Department with law enforcement agencies, between the Anti-Money Laundering Department and inspection and supervision agencies), which provides information and data on cooperation, coordination, and information sharing between competent authorities on ML/TF. Provide a few specific cases to demonstrate the effectiveness of information exchange.
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- Ensure regular and smooth communication between competent agencies such as between law enforcement agencies, Anti-Money Laundering Department and inspection and supervision agencies.
- Strengthen the conclusion of agreements on mutual legal assistance in criminal matters with foreign countries, especially countries with high risks of money laundering and predicate offenses of money laundering.
Specific results:
- Prove that Vietnam has the ability to cooperate and coordinate effectively at technical level. Accordingly, provide examples of cooperation and coordination in carrying out common tasks for high-risk crimes between key law enforcement agencies and between inspection agencies at different levels. licensing, inspection and supervision of areas with high risk of ML/TF.
- Identify difficulties in coordination between agencies related to AML/CTF and propose relevant counter-measures.
Supreme People’s Court; Supreme People’s Procuracy; State Bank; Ministry of Public Security (according to their assigned functions and tasks); Ministry of National Defense (according to their scope, functions, and tasks on money laundering/terrorist financing).
Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
Action 3: Strengthen formal cooperation (extradition and multilateral mutual legal assistance) and informal cooperation (of law enforcement agencies and FIUs) with foreign partners by:
- Provide constructively and proactively seek cooperation in relation to criminals and their assets (appropriate to Vietnam's risk level)
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- Pursue agreements/arrangements with as many foreign partners as possible within its scope to facilitate international cooperation.
September 2024
- Build a priority basis/process in implementing international cooperation (signing agreements and arrangements with foreign partners, exchanging financial intelligence information, sending requests for formal and informal international cooperation...).
- Strengthen formal and informal cooperation with foreign partners, especially strengthening cooperation in issues related to crime and assets.
- Allocate sufficient resources to competent authorities to cooperate in the implementation process.
- Plan and implement the collection and synthesis of data on the number of incoming/outgoing requests for mutual legal assistance (MLA); number of incoming/outgoing informal cooperation requests; number of investigator/procurator training sessions.
- Inspection and supervision agencies of reporting entities shall promote international cooperation and information sharing with foreign supervision agencies.
Specific results:
- Increase resources (number of officers, finance,...) for key agencies to execute extradition and mutual legal assistance (Ministry of Public Security and Supreme People's Procuracy), and provide training for these officers to effectively implement international cooperation.
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- Strengthen training on international cooperation for investigators and prosecutors (to grasp available international cooperation channels, and increase the amount of incoming and outgoing mutual legal assistance requests).
- Present successful examples of informal cooperation in asset recovery and confiscation (e.g. through the Asset Recovery Interagency Network - Asia Pacific (ARIN-AP)
- It is necessary to identify a list of high-risk countries/sectors as a basis for the following:
+ Strengthen cooperation between financial intelligence units (FIUs), especially for high-risk areas, providing evidence that competent authorities will swiftly provide intelligence information for money laundering and predicate offenses of money laundering and terrorist financing with foreign partners.
+ Strengthen the signing of Memoranda of Understanding (MOU).
Ministry of Public Security; Supreme People's Procuracy; Ministry of Justice; Ministry of Finance; State Bank of Vietnam (according to their assigned functions and tasks).
Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
Action 4: Demonstrate the effectiveness of risk-based monitoring of FIs and DNFBPs for AML/CTF through on-site inspections, remote monitoring, and enforcement measures.
January 2025
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+ How to use information collected from Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) to prioritize risk-based assessments.
+ The use of a range of monitoring measures, including enforcement measures, to improve compliance by FIs and DNFBPs.
+ How to prevent criminals and their associates from holding or controlling FIs and DNFBPs.
- The effectiveness of supervision can be demonstrated through:
+ Actions taken by FIs and DNFBPs to strengthen AML/CTF programs.
+ STRs have increasingly better quality.
- Develop and organize the implementation of inspection plans based on risks of AML/CTF applied to all reporting entities (FIs and DNFBPs) and have evidence to prove the implementation of these plans.
- Demonstrate research and reference to other countries' experiences in implementing inspection and supervision based on risks of AML/CTF.
State Bank; Ministry of Finance; Ministry of Justice; Ministry of Construction; Ministry of Information Technology and Communications; Ministry of Industry and Trade (according to functions and management fields of reporting entities).
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Action 5: Take action to address deficiencies related to Vietnam's legal framework on:
- Regulations and requirements for monitoring FIs and DNFBPs on AML/CTF;
- Preventive measures, especially for Recommendations: 10, 11, 12, 16, 20 of the FATF standards.
May 2024
- Address technical compliance deficiencies related to the regulatory and supervisory framework for Fis and DNFBPs, including Recommendations 26, 27, 28, 35 of the FATF standards.
- Issue necessary legal documents to address deficiencies in preventive measures (Recommendations 10 - 23 of the FATF standards).
Specific results:
- Focus on Recommendations 10, 11, 12, 16, 20 of the FATF standards with the deficiencies identified in the Report of the Joint Review Group (JG) and Mutual Evaluation Report (MER).
- Provide evidence for the implementation of provisions in the Anti-Money Laundering Law 2022.
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- Set out necessary and sufficient requirements that need to be enhanced to address technical compliance deficiencies as well as crime prevention for holding and controlling FIs or DNFPBs (priority is given to high-risk areas).
- There are supervision regulations for compliance with combating terrorist financing requirements by FIs and DNFPBs.
- There is a way to notify changes in legal regulations to reporting entities so that they understand their obligations of AML/CTF.
State Bank; Ministry of Finance; Ministry of Justice; Ministry of Construction; Ministry of Home Affairs; Ministry of Planning and Investment; Ministry of Information Technology and Communications; Ministry of Industry and Trade (according to management fields of reporting entities).
Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
Action 6: Develop a legal framework to prohibit or regulate virtual assets and virtual asset service providers, and demonstrate enforcement of regulations including measures to ensure compliance.
May 2025
- Develop a legal framework for virtual assets (VAs) and virtual asset service providers (VASPs) and demonstrate the implementation of that legal framework, including: (i) enable management and supervision agencies to clearly understand the risks in this field; (ii) provide training for VASPs in AML/CTF/CPF.
- There are actions against violations of law.
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Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
Action 7: Conduct outreach to and provide guidance for the private sector on the results of the NRA, sector risk assessments, and AML/CTF obligations (including targeted financial sanctions (TFS) and suspicious transaction reports), with a focus on higher-risk sectors.
January 2025
- Basic outreach to the private sector: Dissemination of NRA results; sector risk assessment; AML/CTF obligations.
- Outreach to the private sector through community outreach (training, fostering, propagation, knowledge dissemination) and providing guidance documents.
- Focus on approaching high-risk areas according to assessment.
Specific results:
- Supervision agencies need to support reporting entities through: (i) detecting risks; (ii) specifying appropriate measures to mitigate those risks; (iii) providing guidance on implementing a risk-based approach when applying preventive measures.
- It is necessary to maintain contact and exchange with reporting entities through: (i) establishing sector-based communication channels; (ii) focusing on high-risk sectors; (iii) participation of large associations and/or self-regulatory bodies in high-risk sectors; (iv) sharing analysis results and typical lessons.
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Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
Action 8: Develop a mechanism to provide competent authorities with timely access to complete, accurate and up-to-date information about the beneficial owners of legal persons (and legal agreements where appropriate) and apply appropriate, effective, proportionate, and dissuasive measures for violations.
May 2025
- Establish a mechanism to collect, update, and store information about beneficial owners related to all legal persons and legal agreements (including non-commercial legal persons and legal agreements). In particular, amend a number of regulations on beneficial owners in the Enterprise Law.
- Scope of knowledge about legal persons and legal agreements need to be complete and clear to ensure information about beneficial owners is collected from all relevant legal persons.
- Private sector involvement (through training and awareness raising) is needed to ensure a mechanism for providing accurate and timely information about beneficial owners.
- There is evidence that information about beneficial owners has been provided for competent authorities (e.g. law enforcement and supervisory authorities).
- There is evidence of the application of effective, proportionate, and dissuasive penalties in case of violations.
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Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
Action 9: Vietnam needs to ensure and demonstrate the independence and autonomy of the Anti-Money Laundering Department, including:
- Information analysis and transfer function
- Adequate allocation of resources (both human and finance), and
- Pursue agreements and participate independently in information exchange either within the organizational structure of the SBV or as an independent agency
September 2024
- Have a clear legal/administrative basis to demonstrate with the Anti-Money Laundering Department that the FIU (financial intelligence unit) is independent/autonomous in organizing and implementing activities.
+ Urgently develop and submit a Decree on amendments to Decrees related to units in charge of anti-money laundering for further promulgation.
+ Develop and promulgate documents regulating the position, functions, tasks, powers, and organizational structure of the Anti-Money Laundering Department, including regulations to ensure the independence and autonomy of the FIU.
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(i) the authority to collect, analyze, and transfer intelligence information to competent authorities;
(ii) the authority to sign MOUs with domestic and international partners, especially international FIUs.
- Demonstrate that the Anti-Money Laundering Department independently performs important functions, tasks, and powers through evidence that:
+ The Anti-Money Laundering Department is independent and autonomous in collecting, analyzing, and transferring information to competent agencies.
+ The Anti-Money Laundering Department is allocated adequate resources (human, information technology, and finance resources) to be able to effectively perform the core functions of the FIU.
+ There are information sharing agreements/Memorandums of Understanding (MOUs) signed by the Director of the Anti-Money Laundering Department, including international agreements aimed at preventing transnational criminal activities.
+ Join the Egmont Group of Financial Intelligence Units (demonstrate implementation efforts).
State Bank
Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
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- Increase the number of analyzed STRs
- Develop a feedback mechanism for reporting entities to improve the quality of STRs
- Access the widest possible sources of information and use appropriate technology and analytics tools.
May 2025
- Improve the quality of financial intelligence analysis products at the Anti-Money Laundering Department (both operational analysis and strategic analysis), through the following activities:
+ Increase the number of STRs analyzed by the Anti-Money Laundering Department; increase the amount of information transferred from the Anti-Money Laundering Department to law enforcement agencies, thereby requiring statistics on the number of analyzed STRs that are transferred to law enforcement agencies, both proactive and on-demand transfer.
+ The proportion of STRs referred to law enforcement agencies that are processed and investigated leading to the fact that predicate offenses and money laundering investigations has improved over the years.
+ Increase the quantity and quality of transferred STRs related to money laundering instead of predicate offenses as currently over the years.
+ Demonstrate that financial intelligence products are tailored to high-risk crimes or sectors (STR analysis products related to high-risk predicate offenses are indicated in the risk assessment report).
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+ Have plans, programs, and evidence for implementing FIU training activities to build analytical capacity for FIU staff.
+ Improve the quality of input STRs through training activities for reporting entities; there is a mechanism to respond to information(directive documents, instructions or meetings, working sessions, exchanges, training sessions, inspections, supervision...) for reporting entities (in relevant sectors, especially high-risk sectors such as banking) to improve the quality of input STRs, increasing the quality and quantity of STRs.
- Agencies receiving STRs transferred by the Anti-Money Laundering Department provide feedback to the Anti-Money Laundering Department on the quality of the transferred STRs and results of case handling (especially successful cases) to serve as evidence proving that investigated, inspected, verified and have results leading to successful investigations, prosecutions, trials, or sanctions for administrative violations as well as contributes to improving the quality of output STRs.
- Expand information sources/database for analysis through:
+ Sign and implement MOUs on information exchange with domestic competent authorities (Ministry of Public Security, Ministry of National Defense, Ministry of Finance, Ministry of Planning and Investment).
+ The Anti-Money Laundering Department can connect, access, and utilize the databases of relevant ministries and agencies (databases of population, tax, customs, business establishment, etc.).
+ Prove that the Anti-Money Laundering Department has used diverse information sources, analytical tools, and appropriate technology to build high-quality financial intelligence products.
- Release statistics of data and information on typical cases (successfully investigated, prosecuted, tried, inspected) to show that the ability to analyze financial intelligence information is enhanced and transferred products are consistent with Vietnam’s risk profile.
State Bank
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Action 11: Law enforcement agencies, specifically the Ministry of Public Security, demonstrate an increase in the use of financial intelligence information, including information transferred from the Anti-Money Laundering Department
May 2025
- There is evidence that law enforcement agencies, with a focus on the Ministry of Public Security, have used financial intelligence information from the Anti-Money Laundering Department through the fact that:
+ Law enforcement agencies have requested financial intelligence information from the Anti-Money Laundering Department;
+ The Anti-Money Laundering Department has proactively transferred financial intelligence information to law enforcement agencies;
+ Financial intelligence information is used by law enforcement agencies (Ministry of Public Security) in investigating cases/crimes,...
- Develop human resources for intelligence on anti-money laundering/counter-terrorist financing/counter-financing of proliferation of weapons of mass destruction, and financial investigation through utilizing all resources to train personnel.
- Increase the number of transfers of financial intelligence leading to investigations and prosecutions of money laundering and money laundering predicate offenses.
- There is evidence to demonstrate active feedback on the effectiveness of using financial intelligence information transferred by the Anti-Money Laundering Department.
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- There is data and information about how not only the Ministry of Public Security, but other agencies also use information from the Anti-Money Laundering Department effectively in accordance with the risk profile.
Ministry of Public Security; State Bank of Vietnam jointly in charge according to their assigned functions and tasks.
General Department of Customs, General Department of Taxation (Ministry of Finance) and relevant ministries and agencies according to their assigned management fields, functions, and tasks.
Action 12: Address technical compliance deficiencies in Vietnam's money laundering offense against FATF Recommendation 3 (Money Laundering).
January 2025
Research and review to propose amendments or promulgation of relevant legal documents to maximally address deficiencies in technical compliance with money laundering offenses.
Ministry of Justice; and other ministries and agencies according to their assigned functions and tasks.
Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
Action 13: Law enforcement and prosecution agencies prioritize parallel financial investigations and demonstrate a significant and sustained increase in the number of money laundering investigations and prosecutions, consistent with Vietnam's money laundering risk profile
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- Issue a national priority process for money laundering investigations by the Ministry of Public Security and money laundering prosecutions by the Supreme People’s Procuracy. Accordingly, priority processes should be supported by specific policies and procedures of each authority.
+ Provide detailed information on the national priority process for money laundering investigations by the Ministry of Public Security and money laundering prosecutions by the Supreme People’s Procuracy: specifying the relevant documents and contents.
+ Availability for sharing information; measures to share information to demonstrate progress.
+ Actual results achieved since the promulgation of that national priority process.
- Strengthen effective international cooperation in investigating and prosecuting money laundering crimes involving foreign elements. Consider how to best demonstrate effective international cooperation. For example: provide case studies on transnational investigation and prosecution (provide details of typical cases that have been/are being investigated, prosecuted, and tried related to money laundering crimes that have transnational elements).
- Demonstrate a significant increase in the capacity and skills of law enforcement agencies and prosecutors to investigate, prosecute and adjudicate money laundering offenses according to the risk profile. This should be demonstrated through:
+ Provide training courses for Investigators, Prosecutors, and Judges:
(i) Collect training statistics of the Ministry of Public Security, the Supreme People's Procuracy, and the Supreme People's Court. Statistical information includes: number of training sessions held, number of participants and their agencies, training locations, training time, training contents (training course announcement, training materials, results or summary reports of each course to serve as proof).
(ii) Ensure that law enforcement agencies are trained on new money laundering investigation policies and procedures.
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(i) Provide information about the actual results of cooperation between ministries and agencies that have been achieved. The Ministry of Public Security, the Supreme People's Procuracy and the Supreme People's Court have specific supporting documents
(ii) Inter-sectoral coordination mechanism in each specific investigation to serve as a typical case study (content of the investigation, coordinated ministries/agencies, coordination matters for each ministry/agency, coordination results). Coordination between ministries and agencies must have supporting records and documents.
- Prioritize parallel financial investigations, and demonstrate an increase in the number of money laundering investigations and prosecutions, demonstrate that money laundering investigations and prosecutions are consistent with Vietnam’s risk profile.
+ Collect statistics on money laundering and other crimes, and parallel financial investigation requirements.
+ Ensure financial investigations are consistent with Vietnam's risk profile (e.g., drug and wildlife trafficking, illegal cross-border movement of goods and currency, human trafficking and smuggling), showing a significant and sustained increase.
+ Diversify money laundering investigation cases (money laundering through third parties, money laundering with national elements,...)
+ Provide details of typical money laundering investigations, prosecutions, and trial cases as examples. The results of the investigation, prosecution, and trial of money laundering crimes include additional information on frozen accounts, suspensions, and data on asset recovery and confiscation, ensuring proportionate and dissuasive penalties.
Ministry of Public Security; Supreme People’s Procuracy; Ministry of National Defense (take charge of investigation of money laundering within their scope, functions and tasks).
Supreme People's Court; relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
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Action 14: Address technical compliance deficiencies related to FATF Recommendation 6 under FATF standards (Targeted financial penalties related to terrorism and terrorist financing).
May 2024
Address the deficiencies in targeted financial sanctions related to terrorism and terrorist financing identified in the Mutual Valuation Report, including:
- No specific regulations on evidence standards to make recommendations for designation.
- Not clear whether entities owned or controlled, or persons acting on behalf of or at the direction of designated persons and entities can be domestically designated.
- The evidentiary standard of proof of “reasonable grounds” or “reasonable basis” is not articulated in law.
- Gaps in the obligation to freeze without delay and without prior notice.
- Freezing obligations are enforceable against banks, but not all natural and legal persons.
- Prohibitions does not extend to providing funds, assets services or resources to entities owned or controlled, or persons and entities acting on behalf or at the direction of, designated persons and entities.
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- Obligations to report freezing actions or prohibition of services are only enforceable against banks.
- No guidance issued on freezing or unfreezing.
- No notice is given to reporting entities when designations or de-listings are made.
- No publicly known procedure dealing with for false positives.
Specific results:
- Amend Decree 122/2013 or the Law on Anti-Terrorism to require all natural and legal persons to freeze funds or assets of designated individuals or organizations without delay and without prior notice.
- Establish proportionate and dissuasive penalties for natural and legal persons who fail to comply with targeted financial penalties (TFS) obligations (including freezing obligations and prohibitions).
- Address technical compliance deficiencies in Recommendation 6 of the FATF standards related to rapid and standardized communication mechanisms.
- Directly and periodically approach financial institutions, non-bank financial institutions and DNFPBs (especially small-sized financial institutions, DNFPBs, and VASPs) on their obligations to the United Nations Security Council. Outreach should be tailored and require reporting entities to report their activities undertaken to ensure TFS obligations.
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- Provide information, data, and statistics to prove the effectiveness of the above measures, especially outreach to financial institutions, DNFBPs, and non-profit organizations.
Ministry of Public Security.
- Relevant ministries and agencies shall take the lead in developing and promulgating sanctions regulations for non-compliance with targeted financial sanctions obligations according to their management field and assigned functions and tasks.
- Ministries and agencies coordinate to access and propagate obligations with Resolutions of the United Nations Security Council to managed entities and perform other tasks according to their assigned management fields, functions, and tasks.
Action 15: Address technical compliance deficiencies related to FATF Recommendation 7 under FATF standards (Targeted financial sanctions related to the proliferation of weapons of mass destruction)
May 2024
Address technical compliance deficiencies related to FATF Recommendation 7, including:
- The legal framework on TFS for financing the proliferation of weapons of mass destruction is not fully implemented (c.7.1)
- Freezing obligations are not enforceable (c.7.2)
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- Reporting obligations are not enforceable (c.7.2)
- Mechanism for communicating designations and de-listings is not established (c.7.2 and c.7.4)
- No guidance on freezing and unfreezing issued (c.7.2 and c.7.4)
- No civil, administrative, or criminal penalties for failure to comply with TFS-PF TF obligations (c.7.3)
- No publicly known procedures for de-listing requests or false positives (c.7.4).
Specific results:
- Issue a mechanism for communicating designations and de-listings.
- Issue instructions on freezing and unfreezing designations and de-listings.
- There are publicly known procedures for de-listing requests of designated freezing list.
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Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
Action 16: Demonstrate that competent authorities are implementing mechanisms to monitor and ensure compliance by FIs and DNFBPs with targeted financial sanctions obligations related to the PF, including the application of proportionate, and dissuasive penalties against FIs and DNFPBs (if any).
January 2025
- Demonstrate that competent authorities are implementing mechanisms to monitor and ensure compliance by FIs and DNFBPs related to the PF.
- Prove that competent authorities need to apply proportionate and dissuasive penalties against FIs and DNFPBs.
- Plan outreach to FIs and DNFPBs regarding their TFS obligations for their PF and guidance on the application of legal regulations.
Specific results:
- Train competent authorities on management and monitoring of compliance with TFS PF obligations.
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- Issue instructions to reporting entities on how to comply and have evidence to prove the results of implementing these instructions. For example: publishing on websites, emails, circulating to industry associations, etc.
- Collect statistics on monitoring activities (e.g. number of inspections).
- Demonstrate that FIs and DNFBPs have enhanced their compliance programs through tracking and monitoring (e.g. enacting new screening procedures, transaction monitoring, CDD (customer due diligence) improvements, staff training, STRs).
- Collect evidence of sanctions (e.g. instructions to FIs and DNFBPs to address inadequacies, warning letters, fines, etc.)
State Bank; Ministry of Finance; Ministry of Justice; Ministry of Construction; Ministry of Home Affairs; Ministry of Industry and Trade (according to functions and management fields of reporting entities).
Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
Action 17: Demonstrate cooperation and coordination between authorities to prevent evasion of sanctions
September 2024
- Demonstrate coordination and cooperation between competent authorities in the prevention of evasion of sanctions:
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+ Collect information and data on cooperation and coordination including: joint training activities, task forces, inspections, and information dissemination activities between competent agencies.
State Bank; Ministry of Finance; Ministry of Justice; Ministry of Construction; Ministry of Home Affairs; Ministry of Industry and Trade (according to functions and management fields of reporting entities).
Relevant ministries and agencies coordinate implementation according to their management field and assigned functions and tasks.
File gốc của Decision No. 194/QD-TTg dated February 23, 2024 on the issuance of the National Action Plan to implement the commitments of the Government of Vietnam on anti-money laundering, counter-terrorist financing, and counter-financing of proliferation of weapon of mass destruction đang được cập nhật.
Decision No. 194/QD-TTg dated February 23, 2024 on the issuance of the National Action Plan to implement the commitments of the Government of Vietnam on anti-money laundering, counter-terrorist financing, and counter-financing of proliferation of weapon of mass destruction
Tóm tắt
Cơ quan ban hành | Thủ tướng Chính phủ |
Số hiệu | 194/QD-TTg |
Loại văn bản | Quyết định |
Người ký | Lê Minh Khái |
Ngày ban hành | 2024-02-23 |
Ngày hiệu lực | 2024-02-23 |
Lĩnh vực | Trách nhiệm hình sự |
Tình trạng | Còn hiệu lực |