Money laundering in Vietnam: The government’s national plan to combat it

Vietnam has adopted a catalogue of measures to prevent and combat money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction. The Ecovis consultants have put together what these money laundering measures in Vietnam are and what they mean for companies.

Decision no. 194/QD-TTg, signed by the Deputy Prime Minister of Vietnam on 23 February 2024, aims to quickly realise the Vietnamese government’s commitment with the Financial Action Task Force (FATF) to remove the country from the Increased Monitoring List (Grey List), while at the same time maintaining the country’s national interests.

An overview of money laundering measures in Vietnam

The decision sets out 17 specific actions to implement the commitment and demonstrate that the authorities have improved their understanding of money laundering/terrorist financing risks and are taking actions to mitigate these risks through the implementation of connected strategies and policies. They also underline the effective cooperation, coordination and communication between the relevant agencies.

Attention will be paid to strengthening formal cooperation (multilateral cooperation in extradition and legal assistance) and informal cooperation (e.g. between law enforcement agencies and financial intelligence units) with foreign partners by providing constructive information and proactively seeking cooperation regarding criminals and their assets. The competent authorities, including central agencies, will be provided with the appropriate resources to carry out international cooperation.

We are happy to answer your more detailed questions about money laundering measures in Vietnam.

Nghia Duong Tran, Partner of Tax, Accounting and Consulting, ECOVIS AFA Vietnam, Danang City, Vietnam

Vietnam will develop a legal framework to prohibit or regulate virtual assets and virtual asset service providers and demonstrate the enforcement of regulations to ensure compliance.

Law enforcement and prosecution agencies will prioritise parallel financial investigations and demonstrate a significant and sustainable increase in the number of money laundering investigations and prosecutions, consistent with Vietnam’s money laundering risk profile.

For further information please contact:

Nghia Duong Tran, Partner of Tax, Accounting and Consulting, ECOVIS AFA Vietnam, Danang City, Vietnam
Email: nghia.tran@ecovis.com.vn