Banking Supervision Agency to be upgraded

The Banking Supervision Agency under the central bank has been upgraded to a general department, with more duties and rights as of August 1, according to a newly issued decision.

Local banks urged to get tough on money laundering

Commercial banks should mitigate business risks and ensure their reputations by strictly implementing the Government's regulations on the prevention of money laundering and terrorist financing, heard a seminar held in Ho Chi Minh City on May 8.

Vietnam off FATF’s anti-money laundering monitoring

Vietnam is no longer monitored by the Financial Action Task Force (FATF) under its on-going global anti-money laundering and counter-terrorist financing compliance process, said a senior official of the State Bank of Vietnam (SBV).

Singapore monitoring new forms of illicit financing

Asian financial hub Singapore has said it was scrutinising trade in virtual currencies such as Bitcoin as well as precious stones and metals to forestall new forms of illicit financing by criminals and terrorists.

Vietnam pledges to fight money laundering

The Vietnamese Government is determined to prevent and fight money laundering and terrorist financing in line with international recommendations and commitments, especially those of the Financial Action Task Force and the Asia-Pacific Group on Money Laundering (APG).