Vietnamese delegation attends face-to-face meeting with the FATF Joint Group on the third national progress report in the Philippines

From 14 to 16 January 2025, in the Philippines, the Vietnamese delegation attended a face-to-face meeting with the Joint Group (JG) of the Financial Action Task Force (FATF) to discuss the third progress report on the implementation of the National Action Plan to implement the Government of Vietnam's commitments on anti-money laundering, countering the financing of terrorism and countering proliferation financing (AML/CFT/CPF).

The Joint Group was represented at the meeting by the FATF Secretariat, the co-chairs of the Asia/Pacific Group on Money Laundering (APG), 14 assessors of the Immediate Outcomes (IOs) and observers from several APG member countries, such as Indonesia and the Philippines. The Vietnamese delegation comprised representatives of the Ministry of National Defence, the Ministry of Public Security, the Supreme People's Procuracy, the Ministry of Finance, the Ministry of Planning and Investment and the State Bank of Vietnam, and was headed by the Director General of the Anti-Money Laundering Department of the State Bank of Vietnam.

The Vietnamese delegation at the meeting with the Joint Group

The purpose of this meeting was to assess the results achieved under the third progress report (PR 3) since September 2024. At the meeting, the Joint Group (JG) discussed and requested explanations of the progress made on each item of the National Action Plan (comprising 17 actions corresponding to 9 Immediate Outcomes (IOs) under the FATF guidance). At this session, the JG recognised progress on one action (Action 14) and considered four other actions (Actions 1, 2, 9 and 16) to be partly completed.

During the meeting, the Vietnamese delegation provided evidence in the form of data and explained the specific results achieved by each ministry and sector in the past reporting period. The JG commended Vietnam's efforts in implementing the National Action Plan, particularly in strengthening cooperation with regional financial intelligence units on the verification, investigation and prosecution of money laundering offences; developing regulations on targeted financial sanctions obligations related to terrorist financing; demonstrating the independence and autonomy of the Anti-Money Laundering Department as a financial intelligence unit (FIU); and stepping up guidance to and inspection of financial institutions and designated non-financial businesses and professions (FIs, DNFBPs) in complying with AML/CFT/CPF legislation. As regards the actions involving the Ministry of National Defence, the results achieved on technical compliance with Recommendation 7 (targeted financial sanctions obligations related to proliferation financing) and on Action 16, on demonstrating that the competent authorities are implementing a supervisory mechanism and ensuring that FIs and DNFBPs comply with targeted financial sanctions obligations related to proliferation financing, were also highly commended by the JG at the meeting.

The Vietnamese delegation meets the Anti-Money Laundering Council of the Philippines

On the sidelines of the meeting, the Vietnamese delegation also held a separate working session with the Anti-Money Laundering Council (AMLC) of the Philippines. The Philippines has completed its National Action Plan and is being considered for removal from the FATF list of jurisdictions under increased monitoring (the grey list). The AMLC shared its experience and proposed a number of options to help Vietnam complete its actions on schedule, as well as ways to finalise its progress reports so that they are well received by the JG.

To fulfil its national commitments and obligations while on the FATF list of jurisdictions under increased monitoring (the grey list), Vietnam has issued the National Action Plan to implement the Government of Vietnam's commitments on anti-money laundering, countering the financing of terrorism and countering proliferation financing, attached to Decision No. 194/QD-TTg of 23 February 2024 of the Prime Minister. Every four months, Vietnam must provide specific and detailed data demonstrating the results of implementing Decision No. 194/QD-TTg and showing progress across the reporting periods. The actions must be completed by May 2025, before the JG reaches a conclusion on Vietnam's overall progress while it is on the list of jurisdictions under increased monitoring.

Nguyen Thanh Tung – Centre 81