Vietnam Law & Legal Forum Magazine is your gateway to the law of Vietnam

Official Gazette

Monday, October 3, 2022

Anti-money laundering and counter-terrorism financing get green light

Updated: 14:57’ - 21/08/2022
The Prime Minister has recently issued a decision on the National Plan of Action on prevention and control of money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction for the 2021-25 period.

According to Decision 941/QD-TTg dated August 5, the national plan aims to improve the legal framework and formulate relevant legal documents that match realities at home and meet international standards; and raise the efficiency of assessing risks of money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction. It is also designed to intensify the inspection toward taking a risk-based approach and continuing to strengthen investigation, prosecution, trial and confiscation of assets, particularly in high-risk fields.

According to the plan, it is aimed to develop an effective mechanism for the sake of peace, stability, development and integration, improve the country’s prestige and position in the international community and fulfill Vietnam’s responsibility for being a member of the Asia-Pacific Group on Money Laundering (APG).

It is to better protect the interests of the nation, organizations and individuals, strengthening stability of finance institutions, thus helping ensure social security, safety and order, and boost economic growth, reads the plan. 

The plan also requires related ministries to propose regulations on administrative fines related to virtual assets as well as enhance inspection in the fields falling under their management.- (VLLF)
 

 

Send Us Your Comments:

See also:

Video

Vietnam Law & Legal Forum