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| Deputy Prime Minister Ho Duc Phoc speaks at the meeting of the National Anti-Money Laundering Steering Committee on October 15__Photo: VNA |
Deputy Prime Minister Ho Duc Phoc highlighted the importance of implementing anti-money laundering measures in transactions on real estate and virtual currency trading platforms while chairing a meeting of the National Anti-Money Laundering Steering Committee on October 15.
Phoc, who is head of the steering committee, emphasized that the fight against money laundering is a regular and highly significant task, not only to prevent corruption, smuggling, and other illegal activities but also to promote transparent and sustainable economic development.
The Deputy PM requested ministries and sectors to promptly prepare reports on the activities already carried out and the tasks planned for the near future, as assigned by the Prime Minister, which clearly outline specific measures to be submitted to the State Bank of Vietnam (SBV).
He stressed the need to focus on formulating and finalizing legal documents on anti-money laundering, counter-terrorism financing, and the prevention of financing the proliferation of weapons of mass destruction. He also assigned the central bank to work with relevant ministries and sectors to develop a communication program on this issue, intensify legal dissemination and education, and clearly explain which actions are permitted and which are prohibited, in order to raise public awareness.
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| An overview of the meeting of the National Anti-Money Laundering Steering Committee on October 15__Photo: VNA |
According to a report by the SBV, as of October 1, 2025 which marks the end of the fifth Progress Report (PR) cycle under Vietnam’s commitments to the Financial Action Task Force (FATF), the implementation results of the National Action Plan on the Government’s commitments to combating money laundering, terrorism financing, and financing the proliferation of weapons of mass destruction are assessed positive, as one out of 17 actions has been fully completed; one has been mostly completed; 10 have been partially completed; and five have shown no progress.
The progress recognized by the FATF is the result of a process marked by diligent implementation, continuous learning, and increasingly close cooperation among relevant agencies and units in carrying out the action plan.
With the goal of completing the National Action Plan and removing Vietnam from the Grey List, the report provided a detailed analysis of both objective and subjective causes behind existing shortcomings, thereby proposing several measures to improve implementation methods and outcomes in the coming period.
Accordingly, the central bank recommended solutions such as increasing staffing, and enhancing personnel training on the approach to action plan implementation, and data collection and provision.- (VNA/VLLF)
