To fight financial crimes, improve transparency, and adhere to international compliance standards, Vietnam has approved a new AML/CFT action plan.

Vietnam has approved the Government plans for AML and CFT through Prime Ministerial Decision No.1139/QD-TTg, introducing a comprehensive action plan to combat money laundering, terrorism financing, and financing related to the proliferation of weapons of mass destruction. Signed by Deputy Prime Minister Nguyen Van Thang on June 26, the plan supports Vietnam’s international commitments and aims to help the country exit the Financial Action Task Force (FATF) list of jurisdictions under increased monitoring.

The initiative focuses on improving the effectiveness of Vietnam’s anti-money laundering and counter-terrorism financing (AML/CFT) framework while addressing strategic weaknesses identified by global financial watchdogs. Government ministries and central agencies have been directed to develop and implement risk reduction measures for the 2023-2028 period.

Vietnam Strengthens AML/CFT Framework to Meet FATF Standards

Under the new action plan, authorities will establish stronger supervision mechanisms, enhance coordination among government agencies, and expand cooperation with international partners. The measures are designed to improve financial transparency, strengthen enforcement capabilities, and align Vietnam’s regulatory system with global AML/CFT standards.

Key priorities under the Government plans for AML and CFT include:

  • Enhancing understanding of national money laundering risks

  • Improving supervision of financial institutions and businesses

  • Regulating virtual assets and service providers effectively

  • Strengthening international cooperation against financial crimes

  • Updating beneficial ownership information systems nationwide

Since June 2023, when Vietnam committed to working with FATF and the Asia/Pacific Group on Money Laundering (APG), the country has introduced several reforms to strengthen its AML/CFT regime. FATF has urged Vietnam to continue improving risk-based supervision for financial institutions and designated non-financial businesses and professions.

Vietnam Targets Greater Financial Transparency and Compliance

The action plan also emphasizes private-sector engagement, accurate ownership records, and improved access to reliable financial information for competent authorities. These steps are expected to reduce vulnerabilities, support investigations, and increase confidence in Vietnam’s financial system.

By implementing the latest AML/CFT measures, Vietnam seeks to demonstrate measurable progress in combating financial crimes while meeting international compliance expectations. The Government’s efforts reflect a broader strategy to build a transparent, secure, and globally connected financial environment.

Thus, Business Fortune is of the view that Vietnam’s AML/CFT reforms could strengthen financial integrity and global compliance.

FAQs

What are Vietnam’s Government plans for AML and CFT?

They are measures to prevent money laundering, terrorism financing, and proliferation financing.

Why is Vietnam implementing this action plan?

It aims to strengthen compliance and exit FATF increased monitoring status.

Who approved Vietnam’s AML/CFT action plan?

Deputy Prime Minister Nguyen Van Thang signed Decision No.1139/QD-TTg.

What sectors will be affected by AML/CFT reforms?

Financial institutions and designated non-financial businesses will face stronger oversight.

What is FATF’s role in Vietnam’s reforms?

FATF evaluates and guides improvements in global financial crime prevention standards.