The NA Economic Committee proposed to study the addition of compulsory regulations on banking transactions for activities such as buying, selling and leasing real estate; buying, selling, and merging businesses. — Photo vietnamplus.com

HÀ NỘI — One of the new points of the draft Anti-Money Laundering Law (revised) is the reporting of suspicious transactions and the addition of several suspicious signs in the banking, securities, life insurance and real estate business.

On the agenda of the fourth working session of the 15th National Assembly (NA) on Thursday, the Governor of the State Bank of Việt Nam (SBV) Nguyễn Thị Hồng, authorised by the Prime Minister, presented a proposal on the draft Law on Anti-Money Laundering (revised).

The Governor said that the amendment of the Anti-Money Laundering Law demonstrated the country's efforts in overcoming the shortcomings of the legal basis compared to the recommendations of the Financial Action Task Force (FATF).

The draft also adds regulations on the responsibility of organisations involved in cryptocurrency transactions to have risk management policies and procedures to control or report suspicious transactions with incorrect electronic money transfers.

The Law on Anti-Money Laundering (revised) also adds regulations on customer identification information and information about beneficial owners and assigns the Government to have specific guidance.

Verifying this content, the Chairman of the Economic Committee of the National Assembly, Vũ Hồng Thanh, suggested the drafting agency continue to carefully review the basic suspicious signs and make appropriate identification with the activities of financial institutions and related non-financial business organisations and individuals.

To improve the effectiveness of money laundering prevention and combat and contribute to the prevention and fight against corruption and negativity, the NA Economic Committee proposed to study the addition of compulsory regulations on banking transactions for activities such as buying, selling and leasing real estate; buying, selling, and merging businesses.

The Law on Anti-Money Laundering (revised) will be considered and approved by the National Assembly according to the one-session process. According to the programme, the National Assembly will discuss this law at the draft law group on Monday, at the parliament on November 1 and pass it at the end of the fourth session. — VNS