FATF adds Vietnam on grey list over weapons-proliferation risks

FP Staff • June 24, 2023, 16:17:49 IST

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The Southeast Asian nation is the latest addition to a group of countries across the world subject to closer scrutiny, including Panama, the Cayman Islands, the United Arab Emirates and Syria

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FATF adds Vietnam on grey list over weapons-proliferation risks

Vietnam on Friday found itself on the Financial Action Task Force’s (FATF) grey list for proliferating weapons of mass destruction. The Southeast Asian nation is the latest addition to a group of countries across the world subject to closer scrutiny, including Panama, the Cayman Islands, the United Arab Emirates and Syria. Meanwhile, Myanmar, Iran and North Korea are the only countries on the financial watchdog’s “black list”. Vietnam is one of the few countries to share close ties with North Korea which is actively pursuing a nuclear weapons programme despite widespread global denunciations and international sanctions. Hanoi’s attempt at fighting cases of money laundering and terror financing has been considered insufficient by the Paris-based FATF to avoid greylisting.

The FATF said Vietnam has now committed to demonstrating it effectively monitors banks, accountants and lawyers to prevent funding for the proliferation of arms of mass destruction, such as nuclear, chemical, or biological weapons.

Vietnam has also agreed to prove it can prevent the evasion of sanctions against individuals or entities that face international restrictions because of their involvement with the proliferation of mass destruction weapons.

Along with Vietnam, FATF is also scrutinising 10 African countries, including Mozambique and Uganda over risks of proliferation funding.

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Vietnam has also committed to implementing additional reforms to address its shortcomings. It will work to ensure the independence of authorities responsible for investigating financial crime, regulate virtual assets and boost international cooperation against money laundering, the FATF said.

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