On October 31, 2025, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Nguyen Ngoc Canh chaired a wrap-up meeting with the International Monetary Fund (IMF) technical assistance mission on Anti-money Laundering (AML), which had been working in Hanoi from October 27 to 31, 2025.
The activity was part of the technical assistance project jointly implemented by the IMF experts and the SBV departments since 2022 in the field of Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT). Attending the meeting with the Deputy Governor were representatives from the Anti-Money Laundering Department, the International Cooperation Department, the Banking Supervision and Inspection Agency, and members of the project’s task force. The IMF mission was led by Ms. Stephanie Forte, Counsel from the Financial Integrity Group, IMF Legal Department (Head of Mission); Mr. Andrew Milford, IMF Consultant on AML/CFT Supervision and Inspection; and Ms. Ha Thi Kim Nga, IMF Senior Economist based in Hanoi.
Deputy Governor Nguyen Ngoc Canh at the meeting (Photo: Hoang Giap)
At the meeting, the IMF experts reported to Deputy Governor Nguyen Ngoc Canh on the project’s implementation progress, noting that the project has achieved tangible and positive outcomes, particularly in the development, refinement, and pilot application of the Risk Assessment Toolkit for Money Laundering and Terrorist Financing in the banking sector. The IMF acknowledged and commended the SBV for its proactive efforts in mastering and improving the Toolkit — both in terms of technical methodology and in leveraging information technology to optimize processes.
The IMF experts also recognized that the SBV’s application of the risk assessment results across the banking system as a basis for planning and conducting AML/CFT inspections marks a significant step toward a risk-based supervision approach, consistent with the international standards in AML practices.
The IMF Technical Assistance Mission at the meeting (Photo: Hoang Giap)
Expressing high appreciation for the IMF’s cooperation and support in this area, Deputy Governor Nguyen Ngoc Canh emphasized that the development and application of the Toolkit reflects the joint learning, research, and pilot implementation efforts between the IMF experts and the relevant SBV departments and individuals. He added that the prompt adoption of a risk-based approach in AML/CFT inspection and supervision is an important part of the Government’s commitments to the Financial Action Task Force (FATF), following Vietnam’s inclusion in the Increased Monitoring List (“Grey List”) in 2023. More importantly, for the SBV, this approach will help strengthen the AML/CFT supervisory framework and enhance its long-term effectiveness, aligning more closely with international best practices.
Deputy Governor Nguyen Ngoc Canh underscored that strengthening AML/CFT efforts is a shared responsibility among all relevant ministries and agencies, under the close direction of the Government through the National Steering Committee on Anti-Money Laundering. He noted that the IMF’s collaboration with the SBV in conducting training workshops and awareness-raising activities on the risk-based approach for the SBV and other governmental inspection officers is both timely and valuable.
Overview of the meeting (Photo: Hoang Giap)
In conclusion, on behalf of the SBV’s leadership, Deputy Governor Canh expressed sincere appreciation for the IMF experts’ effective support. He affirmed that both sides would continue to implement the activities under the project framework, including efforts to enhance the policy and legal frameworks in this area. The Deputy Governor also called on the IMF, given its global reputation, to provide objective assessments and positive recognition to the international community regarding Vietnam’s and the SBV’s ongoing efforts and progress in combating money laundering.
Delegates pose for a commemorative photo (Photo: Hoang Giap)
Since its launch in late 2022, the IMF-supported technical assistance project on AML/CFT has aimed to support the SBV in improving its legal frameworks and enhancing its capacity in AML/CFT supervision. The project focuses on developing and applying a risk-based inspection and supervision approach for AML/CFT, thereby helping Vietnam meet the FATF’s requirements following its inclusion in the Grey List in 2023.
HM