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VN must do more in collecting business owner information
Việt Nam must do more to manage information of owners and other beneficiaries of businesses, officials at the Department of Business Registration under the Ministry of Planning and Investment (MPI) said.
Đỗ Nhật Hoàng (centre), head of the Department of Business Registration under the Ministry of Planning and Investment at the seminar. — Photo baochinhphu.vn
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Đỗ Nhật Hoàng, the department's director, said Việt Nam has signed a commitment with the Financial Action Task Force, which includes a list of specific actions it needs to adopt.
In February this year, the Prime Minister's Office issued a national action plan and instructed the MPI to: "Establish a mechanism to provide the authorities with fast access to complete, accurate, and up-to-date information on owners of legal entities, legal arrangements and to apply appropriate, effective, proportionate measures against violations”.
The department said the objective is to identify the individuals controlling and benefiting from businesses, which is a key step in improving the country's business environment, the country's financial transparency while helping attract investment.
Legal requirements for collecting information on business owners and beneficiaries are also part of the World Bank's new Business Environment Index, as well as criteria used by other major international organisations, including the UN and the IMF.
A representative from the anti-money laundering department under the central bank said the FATF had expressed concerns over a lack of progress in implementing the commitments.
Failure to carry out signed commitments could result in Việt Nam being moved from FATF's grey list to the blacklist, hurting the country's appeal to global investors. In such a scenario, the private sector would bear the greatest impact as the country's financial system and other aspects of the economy would face difficulties.
The ministry cited numerous difficulties as obstacles in the implementation process. A ministry representative said the government must wait for the National Assembly's approval before revising the current laws. In addition, the ministry requires additional time to categorise and codify the information requirements which business owners must follow.
The seminar invited representatives from the State Bank of Vietnam, the Ministry of Public Security, the Ministry of Finance, the Ministry of Justice, the Ministry of Home Affairs, the Supreme People's Procuracy, the Vietnam Bar Federation and several commercial banks.
The FATF is an intergovernmental organisation that sets standards to combat money laundering, terrorist financing, the proliferation of weapons of mass destruction, and other related threats to the integrity of the global financial system. More than 200 countries and territories, including Việt Nam, said they are committed to implementing FATF's recommendations.
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