The State Bank of Vietnam (SBV) briefed the National Steering Committee on Anti-Money Laundering, chaired by Deputy Prime Minister Ho Duc Phoc, on Vietnam’s implementation of the national action plan covering anti-money laundering, counter-terrorist financing and financing of proliferation of weapons of mass destruction in line with Financial Action Task Force (FATF) requirements. SBV reported that by January 2026, three of 17 actions were assessed as “Completed” or “Largely completed” and no longer required further reporting, while 14 actions still needed work, including 11 partially completed and three with no progress. SBV highlighted recent deliverables including an International Monetary Fund-supported toolkit for risk-based inspection and supervision that has been rolled out for use and SBV’s issuance of a circular guiding implementation of the Anti-Money Laundering Law, alongside the Ministry of Finance’s work on a legal framework for virtual assets. SBV’s detailed report noted that in FATF’s sixth reporting cycle, three actions were upgraded, including action 2 on cooperation and coordination (led by SBV and the Ministry of Public Security) to “Largely completed”, and actions 4 on risk-based supervision and 6 on the virtual asset legal framework to “Partially completed”, while also flagging higher FATF evidentiary expectations and areas not yet recognised due to legal and approach differences, particularly action 15. SBV proposed prioritising remaining deliverables through three tracks focused on closing out actions to reach “Completed”, legal-framework and core FATF recommendation issues, and actions requiring quantifiable results. The Deputy Prime Minister asked SBV to revise and finalise the report with clear tasks and assignments, and directed ministries to prioritise resources, strengthen staffing and technology for AML work, and review legal provisions to ensure consistency with conclusions of competent authorities.
State Bank of Vietnam 2026-03-24
State Bank of Vietnam updates National AML Steering Committee on FATF action plan with 14 of 17 actions still requiring work
The State Bank of Vietnam (SBV) updated the National Steering Committee on Anti-Money Laundering on Vietnam's national action plan, noting three of 17 actions are "Completed" or "Largely completed," while 14 need further work. Recent developments include an IMF-supported toolkit for risk-based inspection and a circular on the Anti-Money Laundering Law. The Deputy Prime Minister instructed SBV to refine the report and directed ministries to enhance resources and review legal provisions for anti-money laundering efforts.