The State Bank of Vietnam, working with Vietnamese ministries and agencies, held an online exchange with the United Arab Emirates’ National Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations Committee to learn from the UAE’s experience in being removed from the Financial Action Task Force (FATF) grey list, as Vietnam implements its own FATF-related action plan. The sessions were co-chaired by Pham Tien Phong, Director General of the State Bank of Vietnam’s Anti-Money Laundering Department, and Mohammed Shalooh, Director of Strategic Partnerships and Communications at the UAE committee, with participation from the UAE financial intelligence unit and law enforcement bodies and from multiple Vietnamese ministries and judicial authorities. The UAE outlined how it addressed FATF-identified strategic deficiencies after its grey listing in February 2022, including measures on mutual legal assistance requests, supervision and sanctions for financial institutions and designated non-financial businesses and professions, suspicious transaction reporting, mitigating legal person misuse, strengthening FIU resourcing and use of financial intelligence, increasing money laundering investigations and prosecutions, and implementing targeted financial sanctions. The UAE also offered technical and advisory support to Vietnam in executing Vietnam’s 17-action plan with the objective of exiting the grey list.

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