National action plan to tackle money laundering approved

August, 22/2022 - 07:21
Under the plan, ministries concerned will propose regulations on administrative fines related to virtual assets as well as enhance inspection in fields under their management.
The national plan aims at building an effective mechanism against money laundering. — Photo for illustration vietnamplus.vn

HÀ NỘI — Deputy Prime Minister Lê Minh Khái has signed a decision on the National Plan of Action on prevention and control of money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction for the 2021-2025 period.

The overall aim of the plan is building an effective mechanism for the sake of peace, stability, development and integration, improving Việt Nam’s prestige and position in the international community and fulfilling Việt Nam’s responsibility for being a member of the Asia-Pacific Group on Money Laundering (APG).

It is to better protect the interests of the nation, organisations and individuals, strengthening stability of financial organisations, contributing to ensuring social security, safety and order, and promoting economic growth.

It advocates perfecting the legal framework and building relevant legal documents that match realities at home and meet international standards; improving the efficiency of assessing risks of money laundering, terror financing and financing of the proliferation of mass destruction weapons; and enhancing inspection toward taking a risk-based approach and continuing to strengthen investigation, prosecution, trials and reclamation of assets, especially in high-risk fields.

Under the plan, ministries concerned will propose regulations on administrative fines related to virtual assets as well as enhance inspection in fields under their management. — VNS

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