The State Bank takes the lead in implementing regulations on anti-money laundering.

Accordingly, after receiving Decree No. 19/2023/ND-CP dated April 28, 2023 of the Government detailing a number of articles ofLaw on Anti-Money Laundering 2023, Provincial People's Committee assignedState Bank - Nghe An BranchPreside over and coordinate with the Department of Finance and units and localities to proactively organize research, disseminate and implement; at the same time advise and propose tasks within the authority and responsibility of the Provincial People's Committee.

Headquarters of the State Bank of Vietnam - The agency assigned by the Government to preside over and coordinate with ministries and branches to implement regulations on national and international anti-money laundering. Photo: Internet

Previously, according to Decree No. 19/2023/ND-CP, the Government detailed a number of provisions of the Law on Anti-Money Laundering, including: principles, criteria, and methods for assessing national risks of money laundering and customer identification; criteria for determining beneficial owners; transactions of unusually large or complex value; competent state agencies receiving information, records, documents, and reports; collecting, processing, and analyzing anti-money laundering information with competent domestic agencies; grounds for suspecting or detecting parties involved in transactions underBlacklistand the competent state agency receiving the transaction delay report.

+ National risk assessment on money laundering: The assessment of money laundering risks is carried out by competent state agencies according to criteria and methods prescribed by law, in accordance with international standards and practical conditions of Vietnam; the national risk assessment of money laundering must determine the level of money laundering risks in the country; the national risk assessment of money laundering is the basis for developing an implementation plan after the assessment, updating policies and strategies on anti-money laundering in each period.

Information, documents and data serving the assessment of money laundering risks are collected from the databases of competent authorities, reporting entities, domestic and foreign research documents on the principles of publicity, transparency, and ensuring compliance with regulations on protection of state secrets.

(Excerpt from Decree No. 19/2023/ND-CP)

+National risk assessment criteria for money launderingincluding: Money laundering risk criteria, criteria for the level of suitability of policies and measures to prevent and combat money laundering and criteria for the consequences of money laundering of the country, industry and sector. Money laundering risk criteria include money laundering risk criteria from the source crime of money laundering and money laundering risk criteria for the industry and sector, specifically: money laundering risk from eachdomestic and transnational source crimes; money from each industry, field domestically and internationally.

The Ministry of Public Security's criminal enforcement management agency or a unit assigned by the Minister of Public Security when there is reason to believe that the requested transaction is related to criminal activities, including transactions requested to be performed by a convicted person under the provisions of the Criminal Procedure Law and the assets in the transaction are owned, or have their origin in the ownership or control of that convicted person; transactions related to organizations and individuals performing acts related to terrorist financing crimes.

The competent state agency has requested the reporting entity to postpone the transaction upon request of the competent state agency as prescribed in relevant Laws. When applying the transaction postponement measure in this regulation, the reporting entity must immediately report to the Agency performing the functions and tasks of anti-money laundering prevention under the State Bank of Vietnam.