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BUSINESS REPORTFINANCE
B ANKING &

Fighting illegal funds

Seventeen specific actions are set out under a Prime Ministerial
Decision to prevent and combat money laundering, terrorist financing,
and financing the proliferation of weapons of mass destruction.

By HOANG LAN

here has been a clear global increase money laundering and terrorist financing ruption. Therefore, there must be focus
in criminals making use of encrypted risks, and are taking action to mitigate placed on allocating human resources, by
T money to engage in money laun- these risks through anti-money laundering establishing teams or groups that will con-
dering and terrorist financing. and counter-terrorist financing strategies duct investigations into money laundering
The government has therefore issued and policies. and other related crimes.
a national action plan to implement Viet- Responsible agencies must conduct risk
nam’s commitment to the G7’s Financial assessments for high-risk money laundering Action 2
Action Task Force (FATF) to prevent and offenses identified in multilateral assess- (By September 2024)
combat money laundering, terrorist financ- ment reports, such as environmental crimes
ing, and financing the proliferation of and sexual abuse offenses. Proving effective cooperation, coordination,
weapons of mass destruction, so as to soon A risk assessment of money laundering and communication between relevant agen-
remove the country from the Increased in the fields of casinos and the trading of cies in preventing and combating money
Monitoring List (known as the Grey List). bonus electronic games and virtual assets laundering and terrorist financing (for
The action plan sets out 17 specific must be completed by the end of Sep- example, between law enforcement agen-
actions to implement the commitment to tember 2024. cies, between the Anti-Money Laundering
FATF. The State Bank of Vietnam (SBV), Agencies assigned this task must demon- Department and law enforcement agencies,
the Ministry of Public Security (MPS), strate that risk assessments use compre- and between supervisory agencies).
and the Ministry of Defense (MoD) will hensive methodology and appropriate input
coordinate with relevant ministries and information. Diverse information sources Action 3
agencies to effectively implement the plan. include Suspicious Transaction Reports (By September 2024)
(STRs), crime statistics, intelligence analysis,
The 17 specific actions are: strategic analysis, and domestic and inter- Strengthening formal cooperation (multi-
national research reports, and, especially, lateral cooperation in extradition and legal
Action 1 the private sector. assistance) and informal cooperation (of law
(To be completed by September 2024) It is necessary to adopt a specific scheme enforcement agencies and Financial Intelli-
for areas at high risk, such as the use of gence Units) with foreign partners by:
Demonstrating that relevant authorities cash in the economy and the use of gold to 3.1 Providing constructive information
have improved their understanding of buy and sell real estate or engage in cor- and proactively seeking cooperation regard-

48 Vietnam Economic Times April 2024 en.vneconomy.vn