On October 4, 2024, the Vietnam Blockchain Association (VBA) and the Department of Homeland Security under the Ministry of Public Security (A02) held a discussion on coordinating efforts to implement and guide the Government’s commitments to combat money laundering and terrorism financing with the Financial Action Task Force (FATF) to remove Vietnam from the Grey List.
The FATF Grey List includes countries that have not yet fully met international standards for combating money laundering and terrorism financing. Currently, the list comprises 26 countries and territories, including Vietnam. According to estimates from the International Monetary Fund (IMF), being placed on the Grey List could result in an economic loss of approximately 7.6% of GDP due to decreased inflows of direct investment, indirect investment, and other capital sources.
Therefore, Vietnam is currently making efforts to improve its legal framework and enforcement mechanisms to enhance its ability to combat illicit financial activities, thereby protecting both the domestic and international business environment. These efforts are part of the National Action Plan aimed at removing Vietnam from the Grey List, which was announced by the Government in Decision 194/QĐ-TTg on February 23, 2024. As part of this plan, Action 6 outlines the requirement to establish mechanisms for engaging with the private sector through community activities (such as training, education, awareness campaigns, and knowledge dissemination) and to provide guidance materials, to be issued before May 2025.
To contribute to the implementation of the National Plan on Anti-Money Laundering and Combating Terrorism Financing, the Vietnam Blockchain Association (VBA) is committed to closely collaborating with relevant authorities, particularly the Ministry of Public Security and the Department of Homeland Security, to share information, support implementation, and guide the community in complying with regulations on combating terrorism financing.
Additionally, as the only professional social organization in the field of Blockchain, VBA has been proactive in executing various social projects aimed at the broader goal of disseminating knowledge about Blockchain and AI. This effort is intended to raise awareness and capacity for anti-money laundering and counter-terrorism financing, while also opening up opportunities for sustainable development in the digital age for younger generations.
Key programs widely implemented include ABAII Unitour, targeting 30 universities across the country, the ChainTracer program to trace projects showing signs of fraud, and an AI-powered legal research application that acts as a legal assistant, enabling the public to proactively search for legal documents.
Before concluding the meeting, the leaders of both sides reached some preliminary agreements to collaborate more closely, with the aim of sharing information and necessary data to support the efforts of authorities in combating terrorism financing.