Ninh made the statement at a conference held in Hanoi on November 19 by the Asia-Pacific Group of Money Laundering (APG).

The 2012 APG Typologies Workshop, which will run until November 23, will discuss preventative measures targeting money laundering through trade activities, tax fraud, and terrorism financing. It is expected to contribute to a strategic partnership between the government and private sector.

Deputy PM Ninh affirmed that Vietnam has earnestly cooperated with the international community in combating money laundering and terrorism financing.

After joining the APG in 2007, Vietnam issued an anti-money laundering ordinance and added the offence to the Criminal Code in 2009.

In June 2012, the National Assembly issued the Law on Anti-Money Laundering, which will come into effect from January 1 2013.

The Government of Vietnam has always demonstrated determination to fight money laundering and terrorism, honour international recommendations and commitments including those proposed by financial organisations and the APG.

Nguyen Van Binh, Governor of the State Bank of Vietnam (SBV), said that money laundering and the financing of terrorism pose significant threats to the transparency of the global financial system. Completing relevant legislation and adjusting anti-money laundering and anti-terrorism policies is essential, he added.

He called for closer cooperation between APG member countries to fight money laundering and terrorism-related crimes.

David Shannon, an APG senior official, said all 44 members of APG are conducting investigations into the “black funds” of criminals and terrorists in an effort to reduce their impact on economic development and social security.

The 2012 APG Typologies Workshop seeks to increase the capacities of and strengthen cooperation among member countries in addressing money laundering and terrorism financing more effectively, he said./.

(CPV/VOV)