Vietnam Mandates Anti-Money Laundering Measures for Precious Metals and Gemstone Businesses

The Agency for Domestic Market Development, in coordination with the Vietnam Gold Business Association, organized three conferences on September 14, 16, and 18 in Hanoi and Ho Chi Minh City. These events focused on disseminating and guiding regulations for the prevention and combat of money laundering, terrorism financing, and the financing of the proliferation of weapons of mass destruction for individuals and organizations engaged in the precious metals and gemstones business. These initiatives are crucial for maintaining the integrity of Vietnam's financial system and aligning with international standards. The precious metals and gemstones sector is particularly susceptible to illicit financial activities, necessitating stringent oversight and regulatory measures. The dissemination of these regulations aims to enhance risk awareness among relevant businesses and promote the implementation of appropriate preventive actions. The Vietnamese government has been intensifying its efforts in combating financial crimes in recent years, promoting adherence to international Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) frameworks. This is vital for enhancing international credibility and attracting foreign investment, aligning with the nation's policy to foster sustainable and clean economic development. The conferences provided detailed explanations, including practical case studies, on potential risks faced by businesses and the specific procedures and reporting obligations required to prevent them. Participating businesses expressed their commitment to deepening their understanding of the new regulations and strengthening their compliance systems. Furthermore, this effort is connected to the ongoing public consultation process for the draft amendment to the Penal Code, issued under Prime Minister's Decision No. 1076/QD-TTg dated July 14, 2015. This reflects the Vietnamese government's approach to building societal consensus during the legal reform process. Source: Nhan Dan