Clearly define tasks and supervise the prevention and combat of money laundering and terrorist financing

Kinhtedothi - Permanent Deputy Prime Minister Nguyen Hoa Binh has just signed Decision No. 1338/QD-TTg dated November 6, 2024 amending and supplementing the Regulation on coordination between ministries, ministerial-level agencies, and government agencies in the work of preventing and combating money laundering and terrorist financing crimes.

Clearly define the tasks of each ministry and sector in inspecting and supervising the prevention and combat of money laundering and terrorist financing - Illustrative photo

Specifically, Decision No. 1338/QD-TTg dated November 6, 2024 amends and supplements regulations on coordination in inspection and supervision of organizations in compliance with legal provisions on anti-money laundering and counter-terrorism financing.

The new point of Decision No. 1338/QD-TTg is to add specific regulations on the tasks of the Ministry of Justice, the Ministry of Industry and Trade and the Ministry of Information and Communications in the work of inspecting and supervising organizations in complying with the provisions of law on preventing and combating money laundering and terrorist financing.

The tasks of ministries, branches and agencies are specifically stipulated in Decision No. 1338/QD-TTg as follows:

The State Bank of Vietnam has the following duties:

a) Preside over and coordinate with relevant ministries and branches to establish an interdisciplinary inspection and supervision team for entities reporting compliance with legal provisions on anti-money laundering within the scope and field of management.

The establishment of an interdisciplinary inspection and supervision team can be integrated or coordinated with other relevant interdisciplinary inspection and supervision teams chaired by the State Bank of Vietnam.

b) Coordinate and participate in the Inter-sectoral Inspection and Supervision Team to monitor compliance with legal provisions on anti-money laundering and anti-terrorism at the request of the Ministry of Public Security, Ministry of Finance, Ministry of Construction, Ministry of Justice, Ministry of Industry and Trade, Ministry of Information and Communications; perform tasks assigned by the Head of the Inter-sectoral Inspection and Supervision Team.

c) Direct the State Bank branches in provinces and centrally run cities to preside over and coordinate with local departments and branches to advise competent authorities to establish an interdisciplinary inspection and supervision team for entities reporting compliance with legal provisions on anti-money laundering within the scope and field of local management.

The establishment of an interdisciplinary inspection and supervision team can be combined or coordinated with other relevant interdisciplinary inspection and supervision teams chaired by the State Bank branch in a province or centrally-run city.

The Ministry of Finance has the following duties:

b) Coordinate and participate in the Inter-sectoral Inspection and Supervision Team to monitor compliance with legal provisions on anti-money laundering and anti-terrorism at the request of the Ministry of Public Security, the State Bank of Vietnam, the Ministry of Construction, the Ministry of Justice, the Ministry of Industry and Trade, and the Ministry of Information and Communications; perform tasks assigned by the Head of the Inter-sectoral Inspection and Supervision Team.

The Ministry of Construction has the following tasks:

b) Coordinate and participate in the Inter-sectoral Inspection and Supervision Team to monitor compliance with legal provisions on anti-money laundering and anti-terrorism at the request of the Ministry of Public Security, the State Bank of Vietnam, the Ministry of Finance, the Ministry of Justice, the Ministry of Industry and Trade, and the Ministry of Information and Communications; perform tasks assigned by the Head of the Inter-sectoral Inspection and Supervision Team.

c) Direct the Department of Construction of provinces and centrally run cities to preside over and coordinate with local departments and branches to advise competent authorities to establish an interdisciplinary inspection and supervision team for entities reporting compliance with legal provisions on anti-money laundering within the scope and field of local management.

The Ministry of Justice has the following duties:

b) Coordinate and participate in the Inter-sectoral Inspection and Supervision Team to monitor compliance with legal provisions on anti-money laundering and anti-terrorism at the request of the Ministry of Public Security, the State Bank of Vietnam, the Ministry of Finance, the Ministry of Construction, the Ministry of Industry and Trade, and the Ministry of Information and Communications; perform tasks assigned by the Head of the Inter-sectoral Inspection and Supervision Team.

c) Direct the Department of Justice of provinces and centrally run cities to preside over and coordinate with local departments and branches to advise competent authorities to establish an interdisciplinary inspection and supervision team for subjects reporting compliance with legal provisions on anti-money laundering within the scope and field of local management.

The Ministry of Industry and Trade has the following duties:

b) Coordinate and participate in the Inter-sectoral Inspection and Supervision Team to monitor compliance with legal provisions on anti-money laundering and anti-terrorism at the request of the Ministry of Public Security, the State Bank of Vietnam, the Ministry of Finance, the Ministry of Construction, the Ministry of Justice, and the Ministry of Information and Communications; perform tasks assigned by the Head of the Inter-sectoral Inspection and Supervision Team.

c) Direct the Department of Industry and Trade of provinces and centrally run cities to preside over and coordinate with local departments and branches to advise competent authorities to establish an interdisciplinary inspection and supervision team for entities reporting compliance with legal provisions on anti-money laundering within the scope and field of local management.

The establishment of an interdisciplinary inspection and supervision team can be combined or coordinated with other relevant interdisciplinary inspection and supervision teams chaired by the Department of Industry and Trade of the province or centrally-run city.

The Ministry of Information and Communications has the following tasks:

b) Coordinate and participate in the Inter-sectoral Inspection and Supervision Team to monitor compliance with legal provisions on anti-money laundering and anti-terrorism at the request of the Ministry of Public Security, the State Bank of Vietnam, the Ministry of Finance, the Ministry of Construction, the Ministry of Justice, and the Ministry of Industry and Trade; perform tasks assigned by the Head of the Inter-sectoral Inspection and Supervision Team.

The Ministry of Public Security has the following duties:

a) Preside over and coordinate with relevant ministries and branches to establish an inter-sectoral inspection and supervision team to monitor compliance with legal provisions on terrorism prevention and control in accordance with the Law on Terrorism Prevention and Control at ministries, ministerial-level agencies, government agencies and relevant financial institutions and non-financial business organizations in accordance with the law.

b) Coordinate and participate in the Inter-sectoral Inspection and Supervision Team to monitor compliance with anti-money laundering laws and regulations at the request of the State Bank of Vietnam, the Ministry of Finance, the Ministry of Construction, the Ministry of Justice, the Ministry of Industry and Trade, and the Ministry of Information and Communications; perform tasks assigned by the Head of the Inter-sectoral Inspection and Supervision Team.

c) Direct the Public Security of provinces and centrally run cities to preside over and coordinate with relevant local departments and branches to advise competent authorities to establish an interdisciplinary inspection and supervision team to monitor compliance with the provisions of the law on anti-terrorism according to the provisions of the Law on Anti-Terrorism at relevant departments, branches and financial institutions, and non-financial business organizations within the scope and field of local management according to the provisions of law.

Ministries and ministerial-level agencies have the following tasks:

a) Coordinate with the Ministry of Public Security, State Bank of Vietnam, Ministry of Finance, Ministry of Construction, Ministry of Justice, Ministry of Industry and Trade, Ministry of Information and Communications to review sectors and organizations at risk of money laundering and terrorist financing; coordinate in developing inter-sectoral inspection and supervision plans.

b) Participate in the interdisciplinary inspection and supervision team at the request of the Ministry of Public Security, State Bank of Vietnam, Ministry of Finance, Ministry of Construction, Ministry of Justice, Ministry of Industry and Trade, Ministry of Information and Communications; perform tasks assigned by the Head of the interdisciplinary inspection and supervision team.

c) Directing competent departments and branches in provinces and centrally run cities to closely coordinate with provincial-level Public Security, provincial-level State Bank, Department of Construction, Department of Justice, Department of Industry and Trade in advising competent authorities to establish an interdisciplinary inspection and supervision team.

The unit in charge of establishing the Interdisciplinary Inspection and Supervision Team has the following tasks:

a) Preside over the issuance of a decision to establish an interdisciplinary inspection and supervision team with one leader from the presiding unit as Head of the inspection and supervision team.

b) The establishment of an interdisciplinary inspection and supervision team for reporting entities as prescribed by the Law on Anti-Money Laundering in compliance with the provisions of the law on anti-money laundering must include members from the State Bank of Vietnam (the agency responsible to the Government for implementing state management on anti-money laundering) and the Ministry of Public Security (the agency in charge of the fight against money laundering and terrorist financing). Appropriate members must be appointed based on the requirements of inspection and supervision to ensure effective implementation.

c) Develop inspection and supervision plans; assign tasks to members of the interdisciplinary inspection and supervision team.

d) Prepare logistical and technical conditions to ensure effective implementation of inspection and supervision plans according to set requirements and purposes.

The Decision clearly states: The inter-sectoral inspection and supervision team of organizations in compliance with legal provisions on anti-money laundering and counter-terrorism financing operates on a part-time basis and self-dissolves upon completion of requirements and tasks according to plan.

Source: https://kinhtedothi.vn/phan-dinh-ro-nhiem-vu-giam-sat-phong-chong-rua-tien-va-tai-tro-khung-bo.html