Increasing financial resilience against money laundering risks

Vietnam took on the role of chairing the signing ceremony of the United Nations Convention against Cybercrime, marking an important step forward in international integration on cyber security and financial security.

Anti-money laundering has become one of the important pillars to protect the financial system and strengthen trust in Vietnam's digital economy . Illustrative photo. Source: VNA

In the context of increasingly sophisticated high-tech crimes, anti-money laundering has become one of the important pillars to protect the financial system and strengthen trust in Vietnam's digital economy.

According to Deputy Governor of the State Bank Nguyen Ngoc Canh, completing the legal framework on anti-money laundering is a key task in the National Action Plan that the Government is implementing. Circular No. 27/2025/TT-NHNN of the State Bank of Vietnam guiding the implementation of a number of articles of the Law on Anti-Money Laundering, effective from November 1, 2025, is considered a major step forward in this process. The Circular stipulates that financial institutions and payment intermediaries must report transactions of VND500 million domestically or USD1,000 internationally or more, while strengthening the mechanism for monitoring, reviewing and suspending suspicious transactions. The transition to fully electronic reporting helps improve transparency while reducing risks in manual processing.

Along with perfecting regulations on reporting and monitoring transactions, the Government is also expanding the management framework to the digital asset sector - an area with a high risk of being exploited for money laundering activities. Specifically, Resolution 05/2025/NQ-CP on piloting the crypto asset market requires strict compliance with regulations on preventing and combating money laundering. This is considered a timely step to create a legal corridor, affirming the determination to strictly control digital asset transactions - an area with many potential risks of cross-border money laundering.

Dr. Nguyen Thai Ha, Head of the Faculty of Law - Banking Academy, commented that Vietnam's legal system on preventing and combating money laundering has approached international standards, but still lacks uniformity, especially in regulating virtual assets and digital transactions - loopholes that criminals can exploit to launder money.

"In particular, we do not really have a legal framework for virtual assets, which is the biggest loophole that can be exploited by money launderers," Dr. Nguyen Thai Ha emphasized.

According to the expert, to improve the effectiveness of anti-money laundering, Vietnam needs to synchronize the legal system; improve enforcement efficiency; further improve the qualifications of entities involved in anti-money laundering activities to be able to quickly identify suspicious transactions, including those conducted using new methods.

As the legal framework is strengthened, technology will play an important supporting role in enforcement, helping authorities detect unusual transactions early and increase monitoring effectiveness.

Dr. Nguyen Thai Ha suggested that Vietnam should promote the application of modern technologies such as artificial intelligence (AI) and big data analysis in the transaction monitoring system. Authorities from the State Bank, the Ministry of Public Security to the Ministry of Information and Communications need to build a close inter-sectoral coordination mechanism to ensure that information on transactions, identities and cash flows is shared promptly.

He also emphasized the deterrence factor: "Promptly detect and strictly handle all violations of the law on anti-money laundering to create deterrence for related subjects."

On the international level, Vietnam's hosting of the signing ceremony of the United Nations Convention against Cybercrime demonstrates its commitment to joining the international community in data sharing, coordinating financial tracing and preventing cross-border crimes.

It can be seen that simultaneously perfecting the law, applying surveillance technology and enhancing international cooperation are the three pillars that help Vietnam strengthen its "shield" against money laundering. In the context of taking on the role of chairing the signing ceremony of the United Nations Convention against Cybercrime, Vietnam is affirming its determination not only to protect national financial security, but also to contribute to global efforts to combat cross-border crime in the digital age.

According to VNA

Source: https://baohaiphong.vn/tang-suc-de-khang-tai-chinh-truoc-nguy-co-rua-tien-524550.html