National action plan on anti-money laundering approved

August 20, 2022 | 15:01

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Deputy Prime Minister Le Minh Khai has signed 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 2021-2025 period.

Hanoi – Deputy Prime Minister Le Minh Khai has signed 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 2021-2025 period.

National action plan on anti-money laundering approved | Society | Vietnam+ (VietnamPlus)

Illustrative image (Photo: bocongan.gov.vn)

The overall aim of the plan is building an effective mechanism against money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction, for the sake of peace, stability, development and integration, thus improving Vietnam’s prestige and position in the international community and fulfilling Vietnam’s responsibility for being a member of the Asia-Pacific Group on Money Laundering (APG).

It is to best protect interests of the nation, organisations and inpiduals, thus strengthening stability of financial organisations, contributing to ensuring social security, safety and order, and promoting economic growth.

Accordingly, it advocates perfecting the legal framework and building relevant legal documents that match realities at home and meeting international standards; improving the efficiency of assessing risks of money laundering, terror financing and financing of the proliferation of mass destruction weapons; and enhancing inspection toward taking a risk-based approach and continuing to strengthen investigation, prosecution, trials and reclamation of assets, especially in high-risk fields.

Under the plan, ministries concerned will propose regulations on administrative fines related to virtual assets as well as enhance inspection in fields under their management.

Fighting money laundering with high technologies

Financial systems across the world, including Vietnam’s, are taking strong steps to prevent money laundering. Richard Major, leader of PwC’s financial crime unit in Southeast Asia, and Alex Tan, forensics services leader at PwC Malaysia, spoke to VIR’s Thuy Phuong about current trends in combatting money laundering and how technology can help.

German supervisor raps Deutsche Bank over money laundering

Germany's financial supervisor urged Deutsche Bank Monday (Sep 24) to beef up its fight against money laundering, and for the first time used its power to embed an auditor at the country's biggest lender.

By VNA

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