Vietnam intensifies anti-money laundering efforts to exit FATF grey list

The forum, organized by the State Securities Commission of Vietnam (SSC) together with the Vietnam Blockchain and Digital Assets Association under the theme ‘From Risk Management to Market Building,’ brought together major players such as Tether, MB Bank, and research institutions focused on next-generation technologies.

Nguyen Thi Minh Tho, deputy head of the department, explained that Vietnam is part of the rapid global shift toward digital assets, which comes with strict international regulatory requirements, particularly from FATF.

FATF is an intergovernmental organization established under the Organization for Economic Co-operation and Development (OECD) that develops and promotes policies to combat money laundering, terrorist financing, and the proliferation of weapons of mass destruction.

In June 2023, FATF classified Vietnam as a jurisdiction ‘under increased monitoring,’ commonly known as the grey list, indicating strategic deficiencies in anti–money laundering (AML) and countering the financing of terrorism (CFT) regimes, while recognizing the country’s cooperation in addressing these gaps.

Tho emphasized that commitments to AML and CFT are crucial when promoting digital assets.

Vietnam must comply with 17 FATF-mandated commitments, including regulations on virtual assets.

While Vietnam is making significant efforts by developing various legal frameworks and policies across ministries and local authorities, it remains on the grey list primarily due to outstanding legal and regulatory gaps, Tho stated.

The State Bank of Vietnam has released a draft circular amending Circular 09 of 2023, which guides the implementation of the 2022 Law on Anti-Money Laundering.

The revision aims to strengthen Vietnam’s legal framework to meet international standards, fulfill commitments under the national AML/CFT action plan, and ultimately remove the country from the FATF grey list.

Tho also noted that some countries are listed on FATF’s black list, a more severe category facing serious allegations regarding their financial flows.

The black list, officially known as ‘high-risk jurisdictions subject to a call for action,’ applies to countries that are non-cooperative and make no meaningful progress toward reform.

To Tran Hoa, deputy head of the SSC’s Market Development Department, the body responsible for Vietnam's digital asset legal framework, emphasized that the National Assembly and the government have issued resolutions demonstrating Vietnam’s determination to promote digital assets.

These resolutions provide a legal framework and affirm the role of regulatory agencies in supervision, transparency, and compliance enforcement in the digital asset sector.

Phan Duc Trung, chairman of the Vietnam Blockchain and Digital Assets Association, said the global digital asset market capitalization has reached US$4.2 trillion.

At the current pace, by 2030 the number of global digital asset users is expected to reach 600 million, with market capitalization hitting $10 trillion.

Vietnam is projected to host around five trading platforms.

Trung warned that digital asset growth is closely linked with crime and cyber fraud and noted that Vietnam is considered among global hotspots for such risks, which need to be addressed.