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Responsibilities of State Authorities in Anti-Money Laundering

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Chapter III Law on Money – Laundering 2022:

Responsibilities of State Authorities in Anti-Money Laundering

Article 47. Responsibilities of the Government and the Prime Minister

  1. The Government shall exercise unified state management over anti-money laundering.

  2. The Government shall promulgate legal normative documents on anti-money laundering within its competence.

  3. The Prime Minister shall direct Ministries, ministerial-level agencies and Governmental agencies to coordinate with the Supreme People’s Court and the Supreme People’s Procuracy in anti-money laundering; and direct the coordination between anti-money laundering and the work of combating terrorist financing and financing of proliferation of weapons of mass destruction.

Article 48. Responsibilities of the State Bank of Vietnam

The State Bank of Vietnam shall take responsibility before the Government for the implementation of state management over anti-money laundering and shall have the following tasks and powers:

  1. To develop and submit to competent authorities for promulgation or to promulgate within its competence legal normative documents and plans on anti-money laundering;

  2. To take the lead and coordinate with relevant agencies in implementing anti-money laundering measures in the monetary and banking sectors;

  3. To inspect, examine and supervise anti-money laundering activities of reporting entities under its state management in the monetary and banking sectors, taking into account the results of the national money laundering risk assessment and the money laundering risk assessment results of such reporting entities;

  4. To cooperate, exchange and provide information to competent authorities in inspection, supervision, investigation, prosecution, adjudication and enforcement of judgments related to money laundering;

  5. To conduct international cooperation in anti-money laundering and act as the focal point for participating in and implementing Viet Nam’s obligations as a member of international organizations on anti-money laundering;

  6. To organize research and application of scientific and technological advances and information technology in anti-money laundering;

  7. To take the lead and coordinate with relevant agencies in disseminating and educating the law on anti-money laundering, and in communication and training on anti-money laundering;

  8. To consolidate information and annually report to the Government on Viet Nam’s anti-money laundering activities;

  9. To take the lead in conducting the national money laundering risk assessment under Clause 1 Article 7 of this Law; to conduct assessment and updates of money laundering risks in the monetary and banking sectors and consolidate results for submission to the Government for approval of updated national money laundering risks under Clause 2 Article 7 of this Law;

  10. To coordinate with the Ministry of Foreign Affairs and relevant Ministries and sectors in proposing, taking the lead in negotiation and organizing the implementation of international treaties and international agreements on anti-money laundering;

  11. To supervise reporting entities in fulfilling reporting obligations under Articles 25, 26 and 34 of this Law; and to coordinate in providing supervisory information to relevant Ministries and sectors to serve inspection, examination and supervision on anti-money laundering.

Article 49. Responsibilities of the Ministry of Public Security

  1. To collect, receive and process information for combating money laundering crimes.

  2. To notify the State Bank of Vietnam of the results of information processing related to suspicious transactions.

  3. To take the lead and coordinate with relevant agencies, organizations and individuals in preventing, detecting, investigating and handling money laundering crimes.

  4. To exchange information and documents with the State Bank of Vietnam on new domestic and foreign methods and tactics of money laundering crimes.

  5. To take the lead in compiling lists of organizations and individuals related to terrorism and terrorist financing.

  6. To carry out mutual legal assistance in anti-money laundering within its functions and duties.

  7. To coordinate with the State Bank of Vietnam in conducting the national money laundering risk assessment under Clause 1 Article 7 of this Law; and to conduct assessment and updates of money laundering risks for high-risk predicate offences under Clause 2 Article 7 of this Law.

Article 50. Responsibilities of the Ministry of National Defence

  1. To exchange information and documents with the State Bank of Vietnam on money laundering activities aimed at financing proliferation of weapons of mass destruction domestically and abroad.

  2. To take the lead in compiling lists of organizations and individuals designated as being involved in the proliferation or financing of proliferation of weapons of mass destruction.

  3. To coordinate with the State Bank of Vietnam in conducting the national money laundering risk assessment under Clause 1 Article 7 of this Law.

Article 51. Responsibilities of the Ministry of Finance

  1. To take the lead and coordinate with relevant agencies in implementing anti-money laundering measures in life insurance business, securities, accounting services, prize-winning electronic games, casinos, lotteries, betting and other services under the Ministry of Finance’s state management.

  2. To inspect, examine and supervise anti-money laundering activities of reporting entities in the sectors specified in Clause 1 of this Article, taking into account the results of the national money laundering risk assessment and the money laundering risk assessment results of such reporting entities.

  3. To coordinate with the State Bank of Vietnam in conducting the national money laundering risk assessment under Clause 1 Article 7 of this Law; and to conduct assessment and updates of money laundering risks in the sectors specified in Clause 1 of this Article under Clause 2 Article 7 of this Law.

Article 52. Responsibilities of the Ministry of Construction

  1. To take the lead and coordinate with relevant agencies in implementing anti-money laundering measures in the real estate business sector, except for leasing, subleasing of real estate and real estate consultancy services.

  2. To inspect, examine and supervise anti-money laundering activities of reporting entities in the sector specified in Clause 1 of this Article, taking into account the results of the national money laundering risk assessment and the money laundering risk assessment results of such reporting entities.

  3. To coordinate with the State Bank of Vietnam in conducting the national money laundering risk assessment under Clause 1 Article 7 of this Law; and to conduct assessment and updates of money laundering risks in the real estate business sector, except for leasing, subleasing of real estate and real estate consultancy services, under Clause 2 Article 7 of this Law.

Article 53. Responsibilities of the Ministry of Justice

  1. To take the lead and coordinate with relevant agencies in implementing anti-money laundering measures in the fields of notarization and legal practice.

  2. To coordinate with the State Bank of Vietnam in disseminating and educating the law on anti-money laundering.

  3. To inspect, examine and supervise anti-money laundering activities of reporting entities specified in Clause 1 of this Article, taking into account the results of the national money laundering risk assessment and the money laundering risk assessment results of such reporting entities.

  4. To coordinate with the State Bank of Vietnam in conducting the national money laundering risk assessment under Clause 1 Article 7 of this Law; and to conduct assessment and updates of money laundering risks in the fields of notarization and legal practice under Clause 2 Article 7 of this Law.

Article 54. Responsibilities of the Ministry of Industry and Trade

  1. To take the lead and coordinate with relevant agencies in implementing anti-money laundering measures in the business sector of precious metals and gemstones, except for the trading of gold bars and gold jewelry and fine arts.

  2. To inspect, examine and supervise anti-money laundering activities of reporting entities in the sector specified in Clause 1 of this Article, taking into account the results of the national money laundering risk assessment and the money laundering risk assessment results of such reporting entities.

  3. To coordinate with the State Bank of Vietnam in conducting the national money laundering risk assessment under Clause 1 Article 7 of this Law; and to conduct assessment and updates of money laundering risks in the business sector of precious metals and gemstones, except for the trading of gold bars and gold jewelry and fine arts, under Clause 2 Article 7 of this Law.

Article 55. Responsibilities of the Ministry of Planning and Investment

  1. To take the lead and coordinate with relevant agencies in implementing anti-money laundering activities in sectors under the state management authority of the Ministry of Planning and Investment.

  2. To coordinate with the State Bank of Vietnam in conducting the national money laundering risk assessment under Clause 1 Article 7 of this Law; and to take the lead and coordinate with relevant agencies in conducting assessment and updates of money laundering risks under Clause 2 Article 7 of this Law for legal entities established under the Law on Enterprises.

Article 56. Responsibilities of the Ministry of Home Affairs

  1. To take the lead and coordinate with relevant agencies in implementing anti-money laundering activities for associations, social funds, charitable funds and religious organizations.

  2. To coordinate with the State Bank of Vietnam in conducting the national money laundering risk assessment under Clause 1 Article 7 of this Law; and to take the lead and coordinate with relevant agencies in conducting assessment and updates of money laundering risks for associations, social funds, charitable funds and religious organizations under Clause 2 Article 7 of this Law.

  3. To coordinate with relevant agencies in assessing money laundering risks related to foreign non-governmental organizations.

Article 57. Responsibilities of the Ministry of Foreign Affairs

  1. To take the lead and coordinate with relevant agencies in implementing anti-money laundering activities for foreign non-governmental organizations.

  2. To coordinate with the State Bank of Vietnam in conducting the national money laundering risk assessment under Clause 1 Article 7 of this Law; and to take the lead and coordinate with relevant agencies in conducting assessment and updates of money laundering risks for foreign non-governmental organizations under Clause 2 Article 7 of this Law.

  3. To coordinate with the State Bank of Vietnam in negotiating and implementing international treaties and international agreements on anti-money laundering.

Article 58. Responsibilities of the Ministry of Information and Communications

  1. To take the lead and coordinate with relevant agencies in implementing anti-money laundering measures in the business sector of telecommunications-based and Internet-based gaming services.

  2. To inspect, examine and supervise anti-money laundering activities of reporting entities in the sector specified in Clause 1 of this Article, taking into account the results of the national money laundering risk assessment and the money laundering risk assessment results of such reporting entities.

  3. To coordinate with the State Bank of Vietnam in conducting the national money laundering risk assessment under Clause 1 Article 7 of this Law; and to conduct assessment and updates of money laundering risks in the business sector of telecommunications-based and Internet-based gaming services under Clause 2 Article 7 of this Law.

  4. To coordinate with the State Bank of Vietnam in communication and dissemination of policies and laws on anti-money laundering.

Article 59. Responsibilities of Other Ministries and Sectors

  1. To coordinate with the State Bank of Vietnam in performing state management of anti-money laundering.

  2. To inspect and examine reporting entities under their state management authority regarding compliance with the law on anti-money laundering.

  3. To coordinate with the State Bank of Vietnam and relevant Ministries and sectors in periodically conducting assessment and updates of national money laundering risks under Clause 1 and Clause 2 Article 7 of this Law.

Article 60. Responsibilities of the People’s Procuracy

  1. The People’s Procuracy, within its functions, duties and powers, shall promptly and strictly handle money laundering acts; and coordinate with relevant agencies and organizations in combating money laundering.

  2. The Supreme People’s Procuracy, within its functions and duties, shall be responsible for international cooperation in criminal mutual legal assistance; and promptly receive and process requests for criminal mutual legal assistance in anti-money laundering.

  3. The Supreme People’s Procuracy shall coordinate with the State Bank of Vietnam and relevant Ministries and sectors in conducting assessment and updates of national money laundering risks under Clause 1 and Clause 2 Article 7 of this Law.

Article 61. Responsibilities of the People’s Court

  1. The People’s Court, within its functions, duties and powers, shall promptly and strictly handle money laundering acts; and coordinate with relevant agencies and organizations in combating money laundering.

  2. The Supreme People’s Court, within its functions and duties, shall be responsible for international cooperation in mutual legal assistance in anti-money laundering.

  3. The Supreme People’s Court shall coordinate with the State Bank of Vietnam and relevant Ministries and sectors in conducting assessment and updates of national money laundering risks under Clause 1 and Clause 2 Article 7 of this Law.

Article 62. Responsibilities of People’s Committees at All Levels

  1. To disseminate and educate the law on anti-money laundering within their localities.

  2. To coordinate with competent state agencies in implementing and urging the implementation of anti-money laundering plans and the national money laundering risk assessment.

  3. To detect and promptly and strictly handle violations of the law on anti-money laundering within their competence.

Article 63. Responsibilities for Information Security

  1. State agencies specified in this Law shall ensure information security in accordance with the law.

  2. Competent state agencies, when exchanging, providing or transferring information under Article 6 of this Law to foreign competent authorities, must ensure that the information is kept confidential and used for the proper purposes stated in the request for information exchange, provision or transfer.

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