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Vietnam pledges to fight money laundering and terrorism financing

Released at: 10:02, 28/11/2014

Vietnam pledges to fight money laundering and terrorism financing

PM issues action plan to tackle the two activities.

by Thong Dat

Prime Minister Nguyen Tan Dung has issued an action plan on fighting money laundering and terrorism financing for the 2015-2020 period.

The action plan aims at developing an anti-money laundering and anti-terrorism financing mechanism for Vietnam and expresses the government's commitment and determination to prevent and fight the two problems in line with international recommendations and commitments, especially those in the Financial Action Task Force and the Asia-Pacific Group on Money Laundering (APG).

Before entering the APG, Vietnam released a decree on anti-money laundering. Since May 2007, when Vietnam joined the group, the country has criminalized money laundering and terrorist financing activities by including them in the Criminal Code. In June 2012 the National Assembly adopted the Law on Anti-money Laundering, which came into effect on January 1, 2013.

The action plan for the 2015-2020 period also looks to protect national, organizational and individual benefits and contribute to preventing crimes and corruption, strengthen the stability of financial organizations, and stimulate economic growth. It also confirms the standpoints and commitments in anti-money laundering and anti-terrorism financing for peace, stability, development and integration, and increases Vietnam's reputation in the international community.

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