Vietnam, completing the legal framework for virtual assets and preventing and combating money launde

Vietnam, completing the legal framework for virtual assets and preventing and combating money laundering and terrorist financing by May 2025 Recently, Deputy Prime Minister Le Minh Khai signed Decision No. 194/QD-TTg promulgating a national action plan to implement the Vietnamese Government's commitment to preventing and combating money laundering, terrorist financing and mass financing. transform into weapons of mass destruction.
The goal is to implement and complete the National Action Plan to implement the Vietnamese Government's commitments on preventing and combating money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction with the Armed Forces. Financial Task Force, soon remove Vietnam from the Enhanced Review List (Gray List) on the basis of ensuring maximum national interests. To do this, the government launched 17 actions to remove Vietnam from the "Gray List" of money laundering.
By May 2025 at the latest, the State Bank and relevant ministries/sectors must complete this action plan. The most notable of which are actions 1 and 6: Action 1: Need to demonstrate that authorities have improved understanding of the risk of money laundering to finance terrorism and are taking action to mitigate the risk through prevention strategies and policies money laundering to finance terrorism.
In particular, agencies are responsible for conducting additional risk assessments for predicate crimes with high money laundering risks identified in the Multilateral Assessment Report such as environmental crimes and sexual abuse crimes. sex. By the end of September 2024, complete an industry risk assessment on money laundering in the field of casinos, prize-winning game businesses, virtual assets, legal entities and legal agreements.
Agencies are tasked with demonstrating risk assessments using comprehensive methodology and appropriate input: Diverse sources of information including Suspicious Transaction Reports (STRs), crime data crime, intelligence analysis, strategic analysis, domestic and international research and reporting, especially with the participation of the private sector. Have specific plans for areas with high potential risks such as using cash in the economy, using gold to buy and sell real estate, and corruption.
Accordingly, it is necessary to focus on distributing resources (establishing teams, investigating money laundering crimes and investigating high-risk predicate crimes). Expect completion by September 2024 Action 6: Develop a legal framework to prohibit or regulate virtual assets and virtual asset service providers, and demonstrate enforcement of regulations including measures to ensure compliance . Deadline for completion is May 2025 Through the actions in the above resolution, it can be seen that Vietnam is still leaving open the possibility of "banning" or "managing" the cryptocurrency market. Currently, the government is only working to identify the possibility and take preventive measures against the act of taking advantage of electronic money to launder money!