VIETNAM’S NATIONAL PLAN OF ACTION ON PREVENTION AND CONTROL OF MONEY LAUNDERING, TERRORISM FINANCING AND FINANCING OF THE PROLIFERATION OF WEAPONS OF MASS DESTRUCTION FOR 2021-2025
On 05 August 2022, on behalf of the Prime Minister, Deputy Prime Minister Le Minh Khai signed Decision No. 941/QD-TTg 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 2021-2025 period (“Plan”). This document replaces the National Plan of Action on prevention and control of money laundering and terrorism financing for the 2015-2020 period issued together with the Prime Minister’s Decision No. 2112/QD-TTg, dated 25 November 2014.
The three overall aims of the Plan are to:
- Set up an effective mechanism for anti-money laundering (“AML”), combating the financing of terrorism (“CFT”) and combating the financing of the proliferation of weapons of mass destruction (“CFPWMD”) in Viet Nam for peace, stability, development and integration;
- Fulfill Vietnam’s responsibility as a member of the Asia-Pacific Group on Money Laundering (“APG”); and
- Best protect the interests of the nation, organizations and individuals, prevent crimes and enhance the stability of financial institutions, thus ensuring social security, safety and order, and promoting economic growth.
Accordingly, the Plan identifies specific aims for the 2021-2025 period, including:
- to improve the legal framework and formulate relevant legal documents on AML-CFT-CFPWMD;
- to raise the efficiency of processes on risk assessment, inspection, investigation, prosecution, trial and confiscation of assets, etc. related to AML-CFT-CFPWMD, particularly in high-risk fields;
- to promote propaganda and professional training on AML-CFT-CFPWMD;
- to strengthen inter-ministerial coordination and information exchange;
- to strengthen international cooperation (i.e., information exchange and sharing, signing of Memorandums of Understanding with foreign nations, joining regional and international organizations on AML-CFT-CFPWMD);
- to fulfill Vietnam’s responsibility as a member of APG.
To meet the above-mentioned aims, the Plan sets out key tasks and solutions as well as specific actions to be implemented by relevant ministries, departments and agencies during the 2021-2025 period based on APG’s recommendations.
Some specific Plan actions
First, to research and propose amendments and supplements to the following regulations on AML-CFT-CFPWMD:
- Two specialized legal instruments, i.e., Law on Anti-Money Laundering and Law on Prevention and Combating of Terrorism, and their implementing instruments;
- Criminal Code: regarding crimes of money laundering, terrorism financing (“TF”) and financing of the proliferation of weapons of mass destruction (“FPWMD”), and criminal liability for non-commercial legal entities;
- Law on Real Estate Trading: regarding the promotion of non-cash real estate transactions;
- Regulations on the collection, updating and storage of information on the beneficial owner of enterprises;
- Regulations on administrative fines related to AML-CFT-CFPWMD in all relevant sectors; and
- Regulations on assets related to TF-FPWMD, e.g., the basis for related asset determination and guidance on asset freezing/unfreezing procedure (including the right to freeze without delay and prior notice).
Second, to propose, after relevant feasibility studies, the setting up of an effective mechanism for non-conviction asset recovery in Vietnam;
Third, to study AML-CFT-CFPWMD in the field of virtual money and virtual assets;
Fourth, to publicize information on the establishment of foreign non-governmental organizations.