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The Government of Vietnam has announced a significant structural reorganization of the State Bank of Vietnam (SBV), effective from January 5, 2025. Among the key developments, the newly established Department of Anti-Money Laundering will officially begin operations as an independent unit under the SBV.
This change is part of Government Decree 146, issued on November 6, 2024, which revises the SBV’s functions, tasks, powers, and organizational structure. These updates are a strategic move to strengthen Vietnam’s compliance with domestic laws and international commitments related to combating money laundering and terrorist financing.
Key Updates Under Decree 146
Anti-Money Laundering Department
Previously, the anti-money laundering function was handled by a specialized unit within the SBV’s Banking Supervision Agency. This unit was responsible for supporting the chief inspector in enforcing anti-money laundering measures. With the issuance of Decree 146, the Anti-Money Laundering Department will now operate as a standalone department under the SBV, enabling more focused efforts to combat financial crimes.
Amendments to the Cooperation Mechanism
To support this initiative, Deputy Prime Minister Nguyễn Hòa Bình issued Decision 1338 on November 6, 2024, amending inter-agency cooperation mechanisms. The decision enhances the roles of key ministries:
- Ministry of Justice: Responsible for guiding agencies under its management to comply with anti-money laundering and terrorist financing regulations.
- Ministry of Industry and Trade: Tasked with ensuring businesses under its jurisdiction adhere to anti-money laundering regulations.
- Ministry of Information and Communication: Responsible for ensuring information dissemination and compliance with relevant regulations.
Structural Changes in the SBV
- The Forecasting and Statistics Department will merge with the Monetary and Financial Stabilization Department, forming the Department of Forecasting, Statistics, and Monetary and Financial Stabilization. This move aims to streamline the bank’s analytical and stabilization functions.
- A new Department of Banking Inspection and Supervision will also be added to the SBV’s Banking Supervision Agency, while the agency will relinquish its anti-money laundering and terrorist financing duties.
The establishment of the Anti-Money Laundering Department demonstrates Vietnam’s commitment to enhancing its regulatory framework to meet international standards. By separating the anti-money laundering function from the Banking Supervision Agency, the SBV is positioned to dedicate specialized resources to combat financial crimes more effectively.
The SBV’s restructuring marks a pivotal step in Vietnam’s efforts to combat money laundering and terrorist financing. By establishing a dedicated Anti-Money Laundering Department and enhancing inter-agency cooperation, Vietnam reaffirms its commitment to safeguarding its financial integrity and fostering sustainable economic growth.
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