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Deputy Prime Minister Nguyen Van Thang has signed Decision 707/QD-TTg promulgating a national action plan on anti-money laundering (AML), counter-terrorist financing (CTF), and counter-proliferation financing (CPF) for the 2026–2030 period, as well as in preparation for the third mutual evaluation of Vietnam by the Asia-Pacific Group on Money Laundering (APG).
The plan aims to implement the Vietnamese Government’s commitments to international organisations and fulfil its obligations as an APG member by building an effective AML/CTF/CPF framework.
It seeks to safeguard the interests of the State, organisations and individuals while helping prevent corruption, money laundering, terrorist financing and proliferation financing, thus strengthening financial system stability, supporting economic growth and promoting Vietnam's reputation and stature in the international community.
A key focus is on improving the legal framework and developing a comprehensive system of regulations aligned with domestic conditions and international standards, including the 40 recommendations of the Financial Action Task Force (FATF) and relevant United Nations requirements.
The plan also looks to ensure Vietnam’s readiness for the APG’s third round of mutual evaluation for Vietnam, scheduled for 2028.
It comprises two main components: perfecting the legal framework and actions aimed at enhancing the effectiveness of enforcement.
Regarding legal improvements, the plan requests addressing shortcomings in regulations on the criminalisation of money laundering, terrorist financing and proliferation financing, along with asset confiscation mechanisms, preventive measures, and mutual legal assistance.
It also requires resolving the gaps identified in previous APG evaluations and when Vietnam was placed on the FATF Grey List, including the implementation of targeted financial sanctions in line with United Nations Security Council resolutions and preventive measures for financial institutions and designated non-financial businesses and professions.
Further actions will focus on strengthening licensing, supervision and sanctions, as well as improving transparency of legal entities and legal arrangements in line with FATF standards.
To enhance enforcement effectiveness, the plan mandates national risk assessments on money laundering, terrorist financing and proliferation financing, alongside the application of risk management measures.
International cooperation will be stepped up through timely information exchange and support to improve crime prevention and crime-linked asset settlement.
Risk-based inspection and supervision will be intensified for financial institutions, virtual asset service providers, and relevant non-financial businesses and professions to ensure compliance with regulations.
The plan also emphasises preventing the misuse of legal entities and legal agreements, ensuring the availability of beneficial ownership information for competent authorities.
Efforts will be strengthened to facilitate the safe and effective access, sharing and use of financial intelligence in the investigation, prosecution and adjudication of money laundering and related crimes.
Authorities are tasked with intensifying the handling of such cases, particularly high-risk predicate offences, alongside applying strict and deterrent penalties and boosting the recovery of criminal assets.
At the same time, the supervision and inspection of non-profit organisations will be enhanced, especially those at higher risk of terrorist financing, coupled with stepping up communications to improve awareness and capacity building.
The plan also calls for timely measures to prevent the mobilisation and movement of funds linked to the proliferation of weapons of mass destruction, ensuring coordinated and effective responses.- (VNA/VLLF)
