POSITIVE PROGRESS RECORDED BY 2025 DEADLINE
According to a report by the State Bank of Vietnam (SBV), by October 1, 2025 (the completion date for the 5th Progress Report cycle under the commitment to the Financial Action Task Force – FATF), Vietnam has made significant strides in implementing the 17 actions outlined in the National Action Plan:
-
12 out of 17 actions have seen their rating upgraded to "Partially Completed" or higher.
-
Specifically, one action has been fully completed and one action is largely completed.
Deputy Prime Minister Ho Duc Phoc, Head of the National Steering Committee on AML, chaired a critical review meeting
This outcome represents a positive trajectory, especially considering that at the December 2024 Steering Committee meeting, only one action was "Partially Completed" and 16 had "no progress." This rapid improvement over the past year highlights serious research, rigorous effort, and increasingly close cooperation among relevant agencies, an effort recognized by the FATF.
However, five out of 17 actions still show no progress, demanding intensified resource allocation.
STRATEGIC FOCUS TO EXIT THE GREY LIST
To maximize effectiveness amid resource constraints and achieve the goal of removing Vietnam from the FATF Grey List (Jurisdictions under Increased Monitoring), the SBV proposed a strategic roadmap prioritizing resources for three key groups of actions:
-
Actions related to completing the legal framework (Actions 12, 5).
-
Actions with high potential for positive assessment if decisively addressed (Actions 1, 2, 7).
-
Actions requiring quantifiable results (Actions 4, 11, 13).
During the meeting, representatives from various ministries and sectors (including the Ministries of Public Security, Finance, Construction, Industry and Trade, the Supreme People's Court, and Procuracy) expressed strong consensus with the SBV's central report and demonstrated a firm commitment to swift and decisive action to fulfill assigned tasks.
In his concluding remarks, Deputy PM Ho Duc Phoc directed all ministries to immediately finalize legal documents related to AML. He also specifically emphasized the need to implement AML measures in high-risk sectors, such as transactions on real estate platforms and virtual asset exchanges.
The Deputy PM assigned the SBV to coordinate with relevant ministries to develop a communication program aimed at explaining the law and raising public awareness. The Government Office will issue a detailed conclusion notice, specifying the tasks and deadlines for each ministry to ensure the plan is executed on schedule.
SBV News/VNBA News
