BEFORE YOU GO...
Check how Shufti Pro can verify your customers within secondsRequest Demo
In a recent proposal, SBV suggested to the central government that the Anti-Money Laundering Bureau should be given additional roles under the supervision of the central bank, including the power to issue specific documents and guidelines; authority to receive, manage, exchange records and data on anti-money laundering and counter-terrorism financing. SBV stated in this proposal that the AML department has the power to gather information, records, and associated paperwork about money laundering, terrorist financing, and other criminal acts from government entities, organisations, and citizens. The proposal suggested that AML bureaus will assist in the creation of lists of high-risk organisations and individuals once they supervise all money laundering crimes. It will be easy to coordinate and share information with another department for attestation, investigation, prosecution, and fine enforcement.
Additionally, the proposal addressed the bureau’s capacity to direct or indirect access to data gathered and held by various government agencies as well as its capacity to collaborate with those organisations in facilitating inspection, assessment, and surveillance activities related to anti-money laundering. The SBV addressed that if the government accepts their proposal, the AML bureau will become Vietnam’s first Financial Intelligence Unit (FIU) and a member of the Egmont Group of FIUs, which share information about financial crimes worldwide to combat money laundering and terrorist financing.
The SBV shared that proposal to comply with the 17-point Action plan, which Vietnam’s government promised the Financial Action Task Force (FATF) to obligate before May 2025. Accepting this proposal is a part of the country’s efforts to enhance security against money laundering-related financial crimes. Vietnam must approve that proposal to address the shortcomings in the AML and CFT regulation compliance under the monitoring of FATF.