BEFORE YOU GO...
Check how Shufti Pro can verify your customers within secondsRequest Demo
Vietnam’s Deputy Prime Minister Signed a National Action Plan for the control and prevention of Money Laundering, Terrorism Funding and Proliferation of Weapons for Mass Destruction
A decision on the National Plan of Action on prevention and control of money laundering, funding of terrorism, and financing of the proliferation of weapons of mass destruction for the years 2021–2025 has been signed by Deputy Prime Minister of Vietnam, Lê Minh Khái.
The plan’s main objectives are to create an effective mechanism for peace, stability, growth, and integration, boost Vietnam’s prestige reputation abroad, and satisfy Vietnam’s obligations as a member of the Asia-Pacific Group (APG) on Money Laundering.
It aims to better safeguard the interests of Vietnam, organisations, and people while enhancing the stability of financial institutions, fostering economic growth, and helping to provide social security, safety, and order.
It urges the creation of pertinent legal documents that correspond to domestic realities and meet international standards. It advocates improving the effectiveness of assessing money laundering, financing terrorism and proliferation of mass destruction risks by improving the inspection of the risk-based approach for the continuation of strengthening investigations, prosecutions, trials and asset recovery, particularly in the high-risk fields.
According to the plan, relevant ministries would increase inspection in areas under their control and establish legislation on administrative fines connected to virtual assets.
Suggested Read: Vietnam’s Ministry Concerned About the Risks Attached to Crypto Trading