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).

During a meeting of the National Steering Committee for Money Laundering Prevention and Control on March 27 in Hanoi, SVB Deputy Governor Vietnam Dang Thanh Binh said FATF lauded Vietnam ’s significant progress in improving its anti-money laundering and counter-terrorist financing regime.

At its working session with Vietnam ’s authorised agencies in mid-February, 2014, FATF’s international cooperation review group said Vietnam has established the legal and regulatory framework to realise commitments set forth in its action plan regarding the fixing of deficiencies that the FATF had identified in October 2010, he said.

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 organisations.-VNA