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THE
PRIME MINISTER
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THE
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No.
194/QD-TTg
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Hanoi,
February 23, 2024
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DECISION
ON
THE ISSUANCE OF THE NATIONAL ACTION PLAN TO IMPLEMENT THE COMMITMENTS OF THE
GOVERNMENT OF VIETNAM ON ANTI-MONEY LAUNDERING, COUNTER-TERRORIST FINANCING,
AND COUNTER-FINANCING OF PROLIFERATION OF WEAPON OF MASS DESTRUCTION
PRIME MINISTER
Pursuant to the Law on
Government Organization of June 19, 2015; Law on amendments to the Law on
Government Organization and the Law on Organization of Local Governments dated
November 22, 2019;
Pursuant to the Law on State
Bank of Vietnam dated June 16, 2010;
Pursuant to the Law on Anti-Money
Laundering dated November 15, 2022;
Pursuant to the Law on Anti-Terrorism
dated June 12, 2013;
Pursuant to Decree No.
81/2019/ND-CP dated November 1, 2019 of the Government on combating financing
of proliferation of weapon of mass destruction;
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At the request of the Governor
of the State Bank of Vietnam in Report No. 13/TTr-NHNN dated February 20, 2024.
HEREBY DECIDES:
Article 1. Issue together
with this Decision the National Action Plan to implement the commitments of the
Government of Vietnam on anti-money laundering, counter-terrorist financing,
and counter-financing of proliferation of weapon of mass destruction.
Article 2. This Decision
comes into force from the date of signing.
Article 3. Ministers, heads
of ministerial-level agencies, heads of Government agencies, and members of the
Steering Committee for Anti-Money Laundering shall implement this Decision.
PP.
PRIME MINISTER
DEPUTY PRIME MINISTER
Le Minh Khai
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NATIONAL ACTION PLAN
TO
IMPLEMENT THE COMMITMENTS OF THE GOVERNMENT OF VIETNAM ON ANTI-MONEY
LAUNDERING, COUNTER-TERRORIST FINANCING, AND COUNTER-FINANCING OF PROLIFERATION
OF WEAPON OF MASS DESTRUCTION
(Issued together with Decision No. 194/QD-TTg dated February 23, 2024
of the Prime Minister)
I. OBJECTIVES
Implement and complete the National
Action Plan to implement the Government of Vietnam's commitments on anti-money
laundering, counter-terrorist financing, and counter-financing of proliferation
of weapon of mass destruction with the Financial Action Task Force (FATF), swiftly
remove Vietnam from the list of Jurisdictions Under Increased Monitoring (Grey
List) on the basis of ensuring maximum national interests.
II. SPECIFIC
ACTIONS
(According to the attached
Appendix).
III. IMPLEMENTATION
1. Funding
Relevant ministries and agencies
proactively prepare cost estimates for performing assigned tasks and include
them in their annual operating budget estimates.
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a) Responsibilities of the State
Bank of Vietnam
Implement and be held accountable
to the Prime Minister and Head of the Steering Committee for Anti-Money Laundering
for their assigned tasks.
Act as a focal point to monitor and
urge relevant ministries and agencies to implement the tasks in the National
Action Plan to implement the Government's commitments on anti-money laundering,
counter-terrorist financing, and counter-financing of proliferation of weapon
of mass destruction (hereinafter referred to as AML/CTF/CPF).
Before March 1, June 1, September 1
and December 1 every year, the State Bank of Vietnam shall synthesize
information, data, and documents from relevant ministries and agencies to make
reports in line with regulations and national interests, and then send them to
FATF (and the Prime Minister).
b) Responsibilities of relevant
ministries and agencies
Be held accountable to the Prime
Minister and Head of the Steering Committee for Anti-Money Laundering for their
assigned tasks.
Coordinate with the State Bank of
Vietnam and relevant ministries and agencies in taking actions designated in
this Plan and send information, data, and periodic reports mentioned above to
the State Bank Vietnam on implementation results to synthesize, send a report
to the Prime Minister and FATF.
3. Request
the Supreme People's Procuracy and the Supreme People's Court to perform tasks
according to this Plan.
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ON
NATIONAL ACTION PLAN TO IMPLEMENT THE COMMITMENTS OF THE GOVERNMENT OF VIETNAM
ON ANTI-MONEY LAUNDERING, COUNTER-TERRORIST FINANCING, AND COUNTER-FINANCING OF
PROLIFERATION OF WEAPON OF MASS DESTRUCTION
(Issued together with Decision No. 194/QD-TTg dated February 23, 2024
of the Prime Minister)
Description
of action
Deadline
Specific
actions to be taken
Leading
agencies
Coordinating
agencies
Action 1: Demonstrate authorities
have enhanced their knowledge of money laundering/terrorist financing (ML/TF)
risks and have taken actions to mitigate risks through strategies and policies
for AML/CTF
September
2024
- Issue
and implement a plan for providing regular training for competent authorities
to raise their awareness of ML/TF/PF risks. Provide information and data
(workshops, training courses, participants, number of attendees,
dissemination and training materials, etc.) to demonstrate that the competent
agencies have been trained and their awareness of ML/TF/PF risks have been
raised.
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- Develop
a monitoring mechanism and supervise the implementation of action plans at
ministerial and sectoral levels to minimize ML/TF/PF risks, which includes
monitoring and supervision of implementation of training plans to raise
competent authorities’ awareness of ML/TF/PF risks.
- Provide
information and data to prove that competent agencies have actually taken
actions to minimize ML/TF/PF risks.
- Ministries and agencies:
+ Initiate the plan according to
their management field and assigned functions and tasks;
+ Develop and implement the
National Action Plan and to minimize the risks of money laundering and
terrorist financing in their ministries or agencies.
Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.
- Carry
out additional risk assessments for predicate offenses with high risks of
money laundering identified in the Mutual Evaluation Report (MER), such as
environmental crimes and sexual abuse crimes.
- Complete
an industry risk assessment on money laundering in the following sectors:
casino, game-of-chance business, virtual assets, legal persons, and legal
agreements.
- Demonstrate
risk assessments using comprehensive methodology and appropriate inputs: diverse
sources of information, including Suspicious Transaction Reports (STR), crime
data, intelligence analysis, research of domestic and international reports,
especially with the participation of the private sector.
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- National
risk assessment on money laundering: State Bank of Vietnam (SBV);
- National
risk assessment on terrorist financing: Ministry of Public Security;
- Risk
assessment on financing the proliferation of weapons of mass destruction: Ministry
of National Defense.
Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.
- Have specific plans for sectors
with high potential risks such as sectors related to the use of cash in the
economy, use of gold to buy and sell real estate, and corruption. Accordingly,
it is necessary to focus on distributing resources (establishing teams and
groups to investigate money laundering crimes and investigate high-risk predicate
offenses).
- Plans
related to the use of cash in the economy: State Bank;
- Plans
related to using gold to buy and sell real estate: Ministry of Construction;
- Investigation
of predicate offenses with high and medium-high risk of money laundering: Ministry
of Public Security.
Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.
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- Investigation of predicate
offenses with high and medium-high risk of money laundering: Ministry of Public
Security.
Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.
- Share
ML/TF/PF risks assessment results with other countries.
- Strengthen
information technology systems to minimize identified risks (improve the
quality of suspicious transaction reports, provide timely and qualified
financial intelligence information, enhance coordination and responses,
etc.).
State Bank
Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.
Action 2: Demonstrate
effective cooperation, coordination, and communication between agencies
involved in ML/TF (E.g., between law enforcement agencies, between the
Anti-Money Laundering Department and law enforcement agencies, between
supervisory agencies) at the operational level
September
2024
- Improve
coordination between relevant agencies on anti-money laundering (between law
enforcement agencies, between the Anti-Money Laundering Department with law
enforcement agencies, between the Anti-Money Laundering Department and
inspection and supervision agencies), which provides information and data on
cooperation, coordination, and information sharing between competent
authorities on ML/TF. Provide a few specific cases to demonstrate the
effectiveness of information exchange.
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- Ensure
regular and smooth communication between competent agencies such as between
law enforcement agencies, Anti-Money Laundering Department and inspection and
supervision agencies.
- Strengthen
the conclusion of agreements on mutual legal assistance in criminal matters with
foreign countries, especially countries with high risks of money laundering
and predicate offenses of money laundering.
Specific results:
- Prove
that Vietnam has the ability to cooperate and coordinate effectively at
technical level. Accordingly, provide examples of cooperation and
coordination in carrying out common tasks for high-risk crimes between key
law enforcement agencies and between inspection agencies at different levels.
licensing, inspection and supervision of areas with high risk of ML/TF.
- Identify
difficulties in coordination between agencies related to AML/CTF and propose relevant
counter-measures.
Supreme People’s Court; Supreme
People’s Procuracy; State Bank; Ministry of Public Security (according to
their assigned functions and tasks); Ministry of National Defense (according
to their scope, functions, and tasks on money laundering/terrorist
financing).
Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.
Action 3: Strengthen formal
cooperation (extradition and multilateral mutual legal assistance) and
informal cooperation (of law enforcement agencies and FIUs) with foreign
partners by:
- Provide constructively and
proactively seek cooperation in relation to criminals and their assets (appropriate
to Vietnam's risk level)
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- Pursue
agreements/arrangements with as many foreign partners as possible within its
scope to facilitate international cooperation.
September
2024
- Build a
priority basis/process in implementing international cooperation (signing
agreements and arrangements with foreign partners, exchanging financial
intelligence information, sending requests for formal and informal
international cooperation...).
- Strengthen
formal and informal cooperation with foreign partners, especially
strengthening cooperation in issues related to crime and assets.
- Allocate
sufficient resources to competent authorities to cooperate in the
implementation process.
- Plan
and implement the collection and synthesis of data on the number of
incoming/outgoing requests for mutual legal assistance (MLA); number of
incoming/outgoing informal cooperation requests; number of
investigator/procurator training sessions.
- Inspection
and supervision agencies of reporting entities shall promote international
cooperation and information sharing with foreign supervision agencies.
Specific results:
- Increase
resources (number of officers, finance,...) for key agencies to execute
extradition and mutual legal assistance (Ministry of Public Security and
Supreme People's Procuracy), and provide training for these officers to
effectively implement international cooperation.
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- Strengthen
training on international cooperation for investigators and prosecutors (to
grasp available international cooperation channels, and increase the amount
of incoming and outgoing mutual legal assistance requests).
- Present
successful examples of informal cooperation in asset recovery and
confiscation (e.g. through the Asset Recovery Interagency
Network - Asia Pacific (ARIN-AP)
- It is
necessary to identify a list of high-risk countries/sectors as a basis for
the following:
+ Strengthen cooperation between financial
intelligence units (FIUs), especially for high-risk areas, providing evidence
that competent authorities will swiftly provide intelligence information for
money laundering and predicate offenses of money laundering and terrorist
financing with foreign partners.
+ Strengthen the signing of
Memoranda of Understanding (MOU).
Ministry of Public Security; Supreme
People's Procuracy; Ministry of Justice; Ministry of Finance; State Bank of
Vietnam (according to their assigned functions and tasks).
Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.
Action 4: Demonstrate the
effectiveness of risk-based monitoring of FIs and DNFBPs for AML/CTF through
on-site inspections, remote monitoring, and enforcement measures.
January
2025
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+ How to use information
collected from Financial Institutions (FIs) and Designated Non-Financial
Businesses and Professions (DNFBPs) to prioritize risk-based assessments.
+ The use of a range of
monitoring measures, including enforcement measures, to improve compliance by
FIs and DNFBPs.
+ How to prevent criminals and
their associates from holding or controlling FIs and DNFBPs.
- The
effectiveness of supervision can be demonstrated through:
+ Actions taken by FIs and DNFBPs
to strengthen AML/CTF programs.
+ STRs have increasingly better
quality.
- Develop
and organize the implementation of inspection plans based on risks of AML/CTF
applied to all reporting entities (FIs and DNFBPs) and have evidence to prove
the implementation of these plans.
- Demonstrate
research and reference to other countries' experiences in implementing
inspection and supervision based on risks of AML/CTF.
State Bank; Ministry of Finance; Ministry
of Justice; Ministry of Construction; Ministry of Information Technology and
Communications; Ministry of Industry and Trade (according to functions and
management fields of reporting entities).
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Action 5: Take action to address
deficiencies related to Vietnam's legal framework on:
- Regulations
and requirements for monitoring FIs and DNFBPs on AML/CTF;
- Preventive
measures, especially for Recommendations: 10, 11, 12, 16, 20 of the FATF
standards.
May
2024
- Address technical compliance deficiencies
related to the regulatory and supervisory framework for Fis and DNFBPs, including
Recommendations 26, 27, 28, 35 of the FATF standards.
- Issue
necessary legal documents to address deficiencies in preventive measures (Recommendations
10 - 23 of the FATF standards).
Specific results:
- Focus
on Recommendations 10, 11, 12, 16, 20 of the FATF standards with the
deficiencies identified in the Report of the Joint Review Group (JG) and Mutual
Evaluation Report (MER).
- Provide
evidence for the implementation of provisions in the Anti-Money Laundering
Law 2022.
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- Set out
necessary and sufficient requirements that need to be enhanced to address
technical compliance deficiencies as well as crime prevention for holding and
controlling FIs or DNFPBs (priority is given to high-risk areas).
- There
are supervision regulations for compliance with combating terrorist financing
requirements by FIs and DNFPBs.
- There
is a way to notify changes in legal regulations to reporting entities so that
they understand their obligations of AML/CTF.
State Bank; Ministry of Finance;
Ministry of Justice; Ministry of Construction; Ministry of Home Affairs; Ministry
of Planning and Investment; Ministry of Information Technology and
Communications; Ministry of Industry and Trade (according to management
fields of reporting entities).
Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.
Action 6: Develop a legal
framework to prohibit or regulate virtual assets and virtual asset service
providers, and demonstrate enforcement of regulations including measures to
ensure compliance.
May
2025
- Develop a legal framework for virtual
assets (VAs) and virtual asset service providers (VASPs) and demonstrate the
implementation of that legal framework, including: (i) enable management and
supervision agencies to clearly understand the risks in this field; (ii) provide
training for VASPs in AML/CTF/CPF.
- There are actions against
violations of law.
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Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.
Action 7: Conduct outreach
to and provide guidance for the private sector on the results of the NRA, sector
risk assessments, and AML/CTF obligations (including targeted financial
sanctions (TFS) and suspicious transaction reports), with a focus on higher-risk
sectors.
January
2025
- Basic
outreach to the private sector: Dissemination of NRA results; sector risk
assessment; AML/CTF obligations.
- Outreach
to the private sector through community outreach (training, fostering,
propagation, knowledge dissemination) and providing guidance documents.
- Focus
on approaching high-risk areas according to assessment.
Specific results:
- Supervision
agencies need to support reporting entities through: (i) detecting risks;
(ii) specifying appropriate measures to mitigate those risks; (iii) providing
guidance on implementing a risk-based approach when applying preventive
measures.
- It is
necessary to maintain contact and exchange with reporting entities through: (i)
establishing sector-based communication channels; (ii) focusing on high-risk
sectors; (iii) participation of large associations and/or self-regulatory
bodies in high-risk sectors; (iv) sharing analysis results and typical
lessons.
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Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.
Action 8: Develop a
mechanism to provide competent authorities with timely access to complete,
accurate and up-to-date information about the beneficial owners of legal
persons (and legal agreements where appropriate) and apply appropriate,
effective, proportionate, and dissuasive measures for violations.
May
2025
- Establish
a mechanism to collect, update, and store information about beneficial owners
related to all legal persons and legal agreements (including non-commercial
legal persons and legal agreements). In particular, amend a number of
regulations on beneficial owners in the Enterprise Law.
- Scope
of knowledge about legal persons and legal agreements need to be complete and
clear to ensure information about beneficial owners is collected from all
relevant legal persons.
- Private
sector involvement (through training and awareness raising) is needed to
ensure a mechanism for providing accurate and timely information about beneficial
owners.
- There
is evidence that information about beneficial owners has been provided for
competent authorities (e.g. law enforcement and supervisory authorities).
- There
is evidence of the application of effective, proportionate, and dissuasive penalties
in case of violations.
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Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.
Action 9: Vietnam needs to
ensure and demonstrate the independence and autonomy of the Anti-Money
Laundering Department, including:
- Information
analysis and transfer function
- Adequate
allocation of resources (both human and finance), and
- Pursue
agreements and participate independently in information exchange either
within the organizational structure of the SBV or as an independent agency
September
2024
- Have a
clear legal/administrative basis to demonstrate with the Anti-Money
Laundering Department that the FIU (financial intelligence unit) is
independent/autonomous in organizing and implementing activities.
+ Urgently develop and submit a
Decree on amendments to Decrees related to units in charge of anti-money
laundering for further promulgation.
+ Develop and promulgate documents
regulating the position, functions, tasks, powers, and organizational
structure of the Anti-Money Laundering Department, including regulations to
ensure the independence and autonomy of the FIU.
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(i) the authority to collect, analyze,
and transfer intelligence information to competent authorities;
(ii) the authority to sign MOUs
with domestic and international partners, especially international FIUs.
- Demonstrate that the Anti-Money
Laundering Department independently performs important functions, tasks, and
powers through evidence that:
+ The Anti-Money Laundering
Department is independent and autonomous in collecting, analyzing, and
transferring information to competent agencies.
+ The Anti-Money Laundering
Department is allocated adequate resources (human, information technology,
and finance resources) to be able to effectively perform the core functions
of the FIU.
+ There are information sharing
agreements/Memorandums of Understanding (MOUs) signed by the Director of the
Anti-Money Laundering Department, including international agreements aimed at
preventing transnational criminal activities.
+ Join the Egmont Group of
Financial Intelligence Units (demonstrate implementation efforts).
State Bank
Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.
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- Increase
the number of analyzed STRs
- Develop
a feedback mechanism for reporting entities to improve the quality of STRs
- Access
the widest possible sources of information and use appropriate technology and
analytics tools.
May
2025
- Improve the quality of
financial intelligence analysis products at the Anti-Money Laundering
Department (both operational analysis and strategic analysis), through the
following activities:
+ Increase the number of STRs
analyzed by the Anti-Money Laundering Department; increase the amount of
information transferred from the Anti-Money Laundering Department to law
enforcement agencies, thereby requiring statistics on the number of analyzed
STRs that are transferred to law enforcement agencies, both proactive and
on-demand transfer.
+ The proportion of STRs referred
to law enforcement agencies that are processed and investigated leading to
the fact that predicate offenses and money laundering investigations has
improved over the years.
+ Increase the quantity and
quality of transferred STRs related to money laundering instead of predicate
offenses as currently over the years.
+ Demonstrate that financial
intelligence products are tailored to high-risk crimes or sectors (STR
analysis products related to high-risk predicate offenses are indicated in
the risk assessment report).
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+ Have plans, programs, and
evidence for implementing FIU training activities to build analytical
capacity for FIU staff.
+ Improve the quality of input
STRs through training activities for reporting entities; there is a mechanism
to respond to information(directive documents, instructions or meetings,
working sessions, exchanges, training sessions, inspections, supervision...) for
reporting entities (in relevant sectors, especially high-risk sectors such as
banking) to improve the quality of input STRs, increasing the quality and
quantity of STRs.
- Agencies receiving STRs
transferred by the Anti-Money Laundering Department provide feedback to the
Anti-Money Laundering Department on the quality of the transferred STRs and
results of case handling (especially successful cases) to serve as evidence proving
that investigated, inspected, verified and have results leading to successful
investigations, prosecutions, trials, or sanctions for administrative
violations as well as contributes to improving the quality of output STRs.
- Expand
information sources/database for analysis through:
+ Sign and implement MOUs on
information exchange with domestic competent authorities (Ministry of Public
Security, Ministry of National Defense, Ministry of Finance, Ministry of
Planning and Investment).
+ The Anti-Money Laundering
Department can connect, access, and utilize the databases of relevant
ministries and agencies (databases of population, tax, customs, business
establishment, etc.).
+ Prove that the Anti-Money
Laundering Department has used diverse information sources, analytical tools,
and appropriate technology to build high-quality financial intelligence
products.
- Release
statistics of data and information on typical cases (successfully
investigated, prosecuted, tried, inspected) to show that the ability to
analyze financial intelligence information is enhanced and transferred
products are consistent with Vietnam’s risk profile.
State Bank
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Action 11: Law enforcement
agencies, specifically the Ministry of Public Security, demonstrate an
increase in the use of financial intelligence information, including
information transferred from the Anti-Money Laundering Department
May
2025
- There is evidence that law
enforcement agencies, with a focus on the Ministry of Public Security, have
used financial intelligence information from the Anti-Money Laundering
Department through the fact that:
+ Law enforcement agencies have
requested financial intelligence information from the Anti-Money Laundering
Department;
+ The Anti-Money Laundering
Department has proactively transferred financial intelligence information to
law enforcement agencies;
+ Financial intelligence
information is used by law enforcement agencies (Ministry of Public Security)
in investigating cases/crimes,...
- Develop
human resources for intelligence on anti-money laundering/counter-terrorist
financing/counter-financing of proliferation of weapons of mass destruction,
and financial investigation through utilizing all resources to train
personnel.
- Increase
the number of transfers of financial intelligence leading to investigations
and prosecutions of money laundering and money laundering predicate offenses.
- There
is evidence to demonstrate active feedback on the effectiveness of using
financial intelligence information transferred by the Anti-Money Laundering
Department.
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- There
is data and information about how not only the Ministry of Public Security,
but other agencies also use information from the Anti-Money Laundering
Department effectively in accordance with the risk profile.
Ministry of Public Security; State
Bank of Vietnam jointly in charge according to their assigned functions and
tasks.
General Department of Customs,
General Department of Taxation (Ministry of Finance) and relevant ministries
and agencies according to their assigned management fields, functions, and
tasks.
Action 12: Address
technical compliance deficiencies in Vietnam's money laundering offense
against FATF Recommendation 3 (Money Laundering).
January
2025
Research and review to propose
amendments or promulgation of relevant legal documents to maximally address
deficiencies in technical compliance with money laundering offenses.
Ministry of Justice; and other
ministries and agencies according to their assigned functions and tasks.
Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.
Action 13: Law enforcement
and prosecution agencies prioritize parallel financial investigations and
demonstrate a significant and sustained increase in the number of money
laundering investigations and prosecutions, consistent with Vietnam's money
laundering risk profile
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- Issue a
national priority process for money laundering investigations by the Ministry
of Public Security and money laundering prosecutions by the Supreme People’s
Procuracy. Accordingly, priority processes should be supported by specific
policies and procedures of each authority.
+ Provide detailed information on
the national priority process for money laundering investigations by the
Ministry of Public Security and money laundering prosecutions by the Supreme
People’s Procuracy: specifying the relevant documents and contents.
+ Availability for sharing
information; measures to share information to demonstrate progress.
+ Actual results achieved since
the promulgation of that national priority process.
- Strengthen
effective international cooperation in investigating and prosecuting money
laundering crimes involving foreign elements. Consider how to best
demonstrate effective international cooperation. For example: provide case
studies on transnational investigation and prosecution (provide details of
typical cases that have been/are being investigated, prosecuted, and tried
related to money laundering crimes that have transnational elements).
- Demonstrate
a significant increase in the capacity and skills of law enforcement agencies
and prosecutors to investigate, prosecute and adjudicate money laundering
offenses according to the risk profile. This should be demonstrated through:
+ Provide training courses for
Investigators, Prosecutors, and Judges:
(i) Collect training statistics
of the Ministry of Public Security, the Supreme People's Procuracy, and the
Supreme People's Court. Statistical information includes: number of training
sessions held, number of participants and their agencies, training locations,
training time, training contents (training course announcement, training
materials, results or summary reports of each course to serve as proof).
(ii) Ensure that law enforcement
agencies are trained on new money laundering investigation policies and procedures.
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(i) Provide information about the
actual results of cooperation between ministries and agencies that have been
achieved. The Ministry of Public Security, the Supreme People's Procuracy
and the Supreme People's Court have specific supporting documents
(ii) Inter-sectoral coordination
mechanism in each specific investigation to serve as a typical case study (content
of the investigation, coordinated ministries/agencies, coordination matters
for each ministry/agency, coordination results). Coordination between
ministries and agencies must have supporting records and documents.
- Prioritize parallel financial
investigations, and demonstrate an increase in the number of money laundering
investigations and prosecutions, demonstrate that money laundering
investigations and prosecutions are consistent with Vietnam’s risk profile.
+ Collect statistics on money
laundering and other crimes, and parallel financial investigation
requirements.
+ Ensure financial investigations
are consistent with Vietnam's risk profile (e.g., drug and wildlife
trafficking, illegal cross-border movement of goods and currency, human
trafficking and smuggling), showing a significant and sustained increase.
+ Diversify money laundering investigation
cases (money laundering through third parties, money laundering with national
elements,...)
+ Provide details of typical
money laundering investigations, prosecutions, and trial cases as examples. The
results of the investigation, prosecution, and trial of money laundering
crimes include additional information on frozen accounts, suspensions, and
data on asset recovery and confiscation, ensuring proportionate and dissuasive
penalties.
Ministry of Public Security; Supreme
People’s Procuracy; Ministry of National Defense (take charge of investigation
of money laundering within their scope, functions and tasks).
Supreme People's Court; relevant
ministries and agencies coordinate implementation according to their
management field and assigned functions and tasks.
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Action 14: Address
technical compliance deficiencies related to FATF Recommendation 6 under FATF
standards (Targeted financial penalties related to terrorism and terrorist
financing).
May
2024
Address the deficiencies in
targeted financial sanctions related to terrorism and terrorist financing
identified in the Mutual Valuation Report, including:
- No
specific regulations on evidence standards to make recommendations for
designation.
- Not
clear whether entities owned or controlled, or persons acting on behalf of or
at the direction of designated persons and entities can be domestically
designated.
- The
evidentiary standard of proof of “reasonable grounds” or “reasonable basis”
is not articulated in law.
- Gaps in
the obligation to freeze without delay and without prior notice.
- Freezing
obligations are enforceable against banks, but not all natural and legal
persons.
- Prohibitions
does not extend to providing funds, assets services or resources to entities
owned or controlled, or persons and entities acting on behalf or at the
direction of, designated persons and entities.
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- Obligations
to report freezing actions or prohibition of services are only enforceable
against banks.
- No guidance
issued on freezing or unfreezing.
- No
notice is given to reporting entities when designations or de-listings are
made.
- No
publicly known procedure dealing with for false positives.
Specific results:
- Amend
Decree 122/2013 or the Law on Anti-Terrorism to require all natural and legal
persons to freeze funds or assets of designated individuals or organizations
without delay and without prior notice.
- Establish
proportionate and dissuasive penalties for natural and legal persons who fail
to comply with targeted financial penalties (TFS) obligations (including
freezing obligations and prohibitions).
- Address
technical compliance deficiencies in Recommendation 6 of the FATF standards
related to rapid and standardized communication mechanisms.
- Directly
and periodically approach financial institutions, non-bank financial
institutions and DNFPBs (especially small-sized financial institutions, DNFPBs,
and VASPs) on their obligations to the United Nations Security Council. Outreach
should be tailored and require reporting entities to report their activities
undertaken to ensure TFS obligations.
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- Provide
information, data, and statistics to prove the effectiveness of the above
measures, especially outreach to financial institutions, DNFBPs, and
non-profit organizations.
Ministry of Public Security.
- Relevant
ministries and agencies shall take the lead in developing and promulgating
sanctions regulations for non-compliance with targeted financial sanctions
obligations according to their management field and assigned functions and
tasks.
- Ministries
and agencies coordinate to access and propagate obligations with Resolutions
of the United Nations Security Council to managed entities and perform other
tasks according to their assigned management fields, functions, and tasks.
Action 15: Address
technical compliance deficiencies related to FATF Recommendation 7 under FATF
standards (Targeted financial sanctions related to the proliferation of
weapons of mass destruction)
May
2024
Address technical compliance
deficiencies related to FATF Recommendation 7, including:
- The
legal framework on TFS for financing the proliferation of weapons of mass
destruction is not fully implemented (c.7.1)
- Freezing
obligations are not enforceable (c.7.2)
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- Reporting
obligations are not enforceable (c.7.2)
- Mechanism
for communicating designations and de-listings is not established (c.7.2 and
c.7.4)
- No
guidance on freezing and unfreezing issued (c.7.2 and c.7.4)
- No
civil, administrative, or criminal penalties for failure to comply with
TFS-PF TF obligations (c.7.3)
- No
publicly known procedures for de-listing requests or false positives (c.7.4).
Specific results:
- Issue a
mechanism for communicating designations and de-listings.
- Issue
instructions on freezing and unfreezing designations and de-listings.
- There
are publicly known procedures for de-listing requests of designated freezing
list.
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Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.
Action 16: Demonstrate
that competent authorities are implementing mechanisms to monitor and ensure
compliance by FIs and DNFBPs with targeted financial sanctions obligations
related to the PF, including the application of proportionate, and dissuasive
penalties against FIs and DNFPBs (if any).
January
2025
- Demonstrate
that competent authorities are implementing mechanisms to monitor and ensure
compliance by FIs and DNFBPs related to the PF.
- Prove
that competent authorities need to apply proportionate and dissuasive
penalties against FIs and DNFPBs.
- Plan
outreach to FIs and DNFPBs regarding their TFS obligations for their PF and guidance
on the application of legal regulations.
Specific results:
- Train
competent authorities on management and monitoring of compliance with TFS PF
obligations.
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- Issue
instructions to reporting entities on how to comply and have evidence to
prove the results of implementing these instructions. For example: publishing
on websites, emails, circulating to industry associations, etc.
- Collect
statistics on monitoring activities (e.g. number of inspections).
- Demonstrate
that FIs and DNFBPs have enhanced their compliance programs through tracking
and monitoring (e.g. enacting new screening procedures, transaction
monitoring, CDD (customer due diligence) improvements, staff training, STRs).
- Collect evidence of sanctions
(e.g. instructions to FIs and DNFBPs to address inadequacies, warning
letters, fines, etc.)
State Bank; Ministry of Finance;
Ministry of Justice; Ministry of Construction; Ministry of Home Affairs;
Ministry of Industry and Trade (according to functions and management fields
of reporting entities).
Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.
Action 17: Demonstrate
cooperation and coordination between authorities to prevent evasion of
sanctions
September
2024
- Demonstrate coordination and
cooperation between competent authorities in the prevention of evasion of
sanctions:
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+ Collect information and data on
cooperation and coordination including: joint training activities, task
forces, inspections, and information dissemination activities between
competent agencies.
State Bank; Ministry of Finance;
Ministry of Justice; Ministry of Construction; Ministry of Home Affairs;
Ministry of Industry and Trade (according to functions and management fields
of reporting entities).
Relevant ministries and agencies
coordinate implementation according to their management field and assigned
functions and tasks.