Vietnam is no longer appears under the Financial Action Task Force (FATF)’s on-going global anti-money laundering and counter-terrorist financing compliance process, said Deputy Governor Dang Thanh Binh of the State Bank of Vietnam (SBV) at a meeting of the National Steering Committee for Money Laundering Prevention and Control in Hanoi on March 27.
FATF identified Vietnam with a lack of the legal framework of anti-money laundering and counter-terrorist financing compliance process in October 2010.
At a working session with Vietnam s authorized agencies in February 2014, FATF’s International Cooperation Review Group (ICRG) confirmed that Vietnam has received important progress to commit with FATF.
Established in 1989, FATF is an inter-governmental body aiming to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of international financial system.
FATF network has expanded to 34 member countries, two observation countries and five regional organizations. (source: VNA)