Resolutely deploy all measures to remove Vietnam from the "Gray List" on anti-money laundering

On October 18, Deputy Prime Minister Le Minh Khai chaired a meeting of the Steering Committee for Anti-Money Laundering to implement the work of removing Vietnam from the Enhanced Monitoring List (Gray List) of the Financial Action Task Force on Money Laundering (FATF).

Resolutely implement new measures to remove Vietnam from the list of countries with anti-corruption measures. — Deputy Prime Minister Le Minh Khai chaired the meeting.

At the meeting, Deputy Prime Minister Le Minh Khai said that in June 2023, the Financial Action Task Force on Money Laundering (FATF) put Vietnam on the Enhanced Monitoring List (also known as the Grey List), and made 17 action recommendations for Vietnam to address shortcomings in the mechanism to prevent money laundering, terrorist financing, and financing of proliferation of weapons of mass destruction.

In this regard, the Vietnamese Government has committed to sending the FATF President to implement the action plan recommended by FATF with an implementation period of 2 years.

When being put on the Enhanced Monitoring List (also known as the Grey List) by FATF, there will be disadvantages in the international assessment in general, especially related to Vietnam's economic, trade, investment and international cooperation activities.

Resolutely implement new measures to remove Vietnam from the list of countries with anti-corruption measures, image 2 — Deputy Prime Minister Le Minh Khai expressed his dissatisfaction when many members of the Steering Committee were absent from the meeting and requested that all members of the Steering Committee must attend the following meetings.

The Deputy Prime Minister also said that recently, the Asia-Pacific Group on Money Laundering (APG) also came to Vietnam to work, coordinate with agencies and the State Bank to take action to remove and remove the case from the Enhanced Monitoring List. After the working group, the State Bank developed a plan and sent it to the members of the Steering Committee for research and comments.

Emphasizing that FATF's requirements are very urgent, the time for implementation is very short, if not proactive, ineffective implementation, the situation will be very complicated, Deputy Prime Minister Le Minh Khai expressed dissatisfaction when many members of the Steering Committee were absent from the meeting and requested that the following meetings must be attended by all members of the Steering Committee. The State Bank - the standing body of the Steering Committee and ministries and branches must closely follow, increase responsibility, and be determined to make it happen.

In particular, Deputy Prime Minister Le Minh Khai requested the Steering Committee to "resolutely implement all measures to remove Vietnam from the Gray List within 2 years".

Resolutely implement new measures to remove Vietnam from the list of countries with anti-corruption measures, image 3 — Emphasizing the requirement not to let the assignment of tasks be "like letting a bird fly, not knowing when it will return", the Deputy Prime Minister made an analogy and requested ministries and branches to share responsibility, strengthen inspection, control, and urge the implementation of tasks...

Deputy Prime Minister Le Minh Khai emphasized that perfecting the institutions according to FATF's recommendations is not only for the purpose of getting off the Enhanced Watch List, but also has very practical significance in the process of building a rule-of-law state, perfecting the general legal environment to prevent and combat crime, including the work of preventing and combating corruption. This is a work of long-term significance for the common good.

The Deputy Prime Minister assigned the State Bank to coordinate with relevant ministries and branches to review and complete the draft plan and Vietnam's commitments as directed by FATF to soon submit to the Prime Minister for promulgation.

Submit to the Government for approval the risk assessment report on money laundering and terrorist financing soon, issue a national action plan on addressing money laundering and terrorist financing risks for the next phase; complete the draft operating regulations of the Steering Committee; review and evaluate the implementation of Decision 941, and accelerate unfinished tasks in 2023 in the coming time.

The Deputy Prime Minister also requested the Ministry of Public Security to step up investigations into money laundering and the sources of money laundering crimes in line with the money laundering risks identified in the report. The Supreme People's Procuracy and the Supreme People's Court should closely coordinate with the Ministry of Public Security to step up judicial activities, prosecution, and trial related to money laundering and terrorism financing.

The State Bank and the Ministries of Finance, Justice, Construction, Industry and Trade, and Information and Communications shall step up propaganda, direction, inspection, and examination of subjects and report on the results of the implementation of tasks on preventing and combating money laundering and terrorist financing according to the action program, so that international organizations can see Vietnam's efforts in preventing and combating crimes, including money laundering, terrorist financing, and proliferation of weapons of mass destruction.

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