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Viewing cable 05HANOI3383, VIETNAM'S ANTI-MONEY LAUNDERING LAW

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Reference ID Created Released Classification Origin
05HANOI3383 2005-12-29 10:14 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Hanoi
This record is a partial extract of the original cable. The full text of the original cable is not available.
UNCLAS SECTION 01 OF 02 HANOI 003383 
 
SIPDIS 
 
STATE FOR INL AND EAP/MLS AND EB/TPP/BTA/ANA GOODMAN AND 
WICKMAN AND EB/ESC/TFS 
STATE PASS USTR ELENA BRYAN AND GREG HICKS 
USDOC FOR 4431/MAC/AP/OPB/VLC/HPPHO 
TREASURY FOR FINCEN AND OASIA 
 
SENSITIVE 
 
E.O. 12958:  N/A 
TAGS: EFIN KCRM KTFN PTER SNAR VM ECON PREL PINR CTERR FINREF BTA
SUBJECT: VIETNAM'S ANTI-MONEY LAUNDERING LAW 
 
SENSITIVE - DO NOT POST ON THE INTERNET 
 
REF: A) HANOI 987 B) HANOI 988 C) HANOI 1372 D)HANOI 3358 
 
1. (SBU) Summary: Throughout this year, formal meetings and 
informal exchanges with officials from the State Bank of 
Vietnam (SBV), the State Securities Commission, the World 
Bank, the Australian Transaction Reports and Analysis Center 
(AUSTRAC), and other international agencies in Hanoi have 
made clear the GVN is not interested in USG analysis of its 
Anti-Money Laundering (AML) Decree, which was issued on June 
8, 2005 and went into effect on August 1, 2005.  Despite the 
Bilateral Trade Agreement's provisions and a professed 
interest in obtaining a banking license to allow a 
Vietnamese bank to set up shop in the United States, the GVN 
has steadfastly refused to request formal USG review of the 
Decree.  End Summary. 
 
2. (U) Formally known as "Decree 74/2005/ND-CP on Prevention 
and Combat of Money Laundering," the AML Decree covers acts 
committed by individuals or organizations to legitimize 
money or property acquired from criminal activities, and 
covers the activities of banks and non-banking financial 
institutions.  The SBV and the Ministry of Public Security 
(MPS) take primary responsibility for both preventing and 
combating money laundering.  The Decree also provides for 
the establishment of an Anti-Money Laundering Information 
Center under the SBV.  This is the most recent form of AML 
legislation that the Government of Vietnam (GVN) has issued. 
It does not cover counterterrorist finance.  The GVN has no 
counterterrorist financing legislation in place, but plans 
to draft it "at some point in the future," according to Mr. 
Nguyen Dang Hong, the SBV Deputy Chief Inspector. 
 
3. (SBU) Several conversations with officials from the SBV, 
the State Securities Commission, the World Bank, the 
Australian Transaction Reports and Analysis Center 
(AUSTRAC), and other international agencies in Hanoi have 
confirmed that the SBV consulted with only one donor, the 
Asian Development Bank (ADB), when drafting the new AML 
Decree.  ADB paid for a consultant, an Australian named John 
Broome who previously worked for AUSTRAC, the Australian 
equivalent of FINCEN, to advise the SBV in its AML efforts. 
Broome is currently an employee of the National Crime 
Authority of Australia. 
 
4. (SBU) Despite our many interventions (reftels), the SBV 
did not heed our advice to also consult with the USG in 
drafting the AML decree as obligated under our Bilateral 
Trade Agreement (BTA).  Neither did they respond to the 
point that banking sector liberalization, including the 
passage of AML legislation that meets international 
standards, is an important part of integrating with the 
global economy.  The SBV explained their refusal by noting 
that sharing the draft was contrary to usual practice in 
Vietnam and that they lacked the authority to do so. 
 
5. (SBU) After the decree went into effect, the SBV did 
share with FINCEN, and through them the U.S. Treasury 
Department, a document which, by U.S. standards, is an 
unofficial English translation.  The SBV considers this 
their "official" translation and says they have no other to 
provide. 
 
6. (SBU) When Econoff asked SBV Deputy Chief Inspector Hong 
if the United States could be invited to comment on the 
Decree's implementing regulations, in draft form, to ensure 
they are in compliance with the BTA, Hong replied that the 
GVN "does not need anymore reviews or advice on the AML 
Decree." 
 
7. (SBU) Despite these exchanges and the fact that the SBV 
is aware that before any Vietnamese bank can be established 
in the United States, Vietnam's AML regulations must be 
reviewed by the Justice and Treasury Departments, the SBV 
has still not asked the USG to begin this review process. 
The GVN has, however, raised its interest in having 
Vietcombank establish a presence in the United States in 
several high-level meetings between U.S. and Vietnamese 
officials. 
 
8. (SBU) While the quality of its AML Decree is still 
unclear, the weakness of Vietnam's AML law enforcement is 
very apparent.  In addition to Vietnam's underdeveloped 
financial sector, its large black market economy, weak 
customs controls and substantial remittances make it an easy 
place to launder money.  Ref D describes the GVN's 
enforcement problems and the efforts of Post's Drug 
Enforcement Agency (DEA) in Hanoi to assist them. 
 
9. (SBU) Comment: We are not alone in our frustrating 
experiences with the SBV.  AUSTRAC reports that the SBV is 
as uncooperative with them as they are with us.  Vietnam, 
said an AUSTRAC official, "is behind Burma in terms of its 
engagement on AML."  AUSTRAC runs a technical assistance 
program on AML issues for ASEAN member countries.  Recent 
AUSTRAC meetings with AML officers at the SBV have produced 
few results and little interest in speeding up Vietnam's AML 
efforts.  End comment. 
 
MARINE