(7)In June 2023, Vietnam made a high-level political commitment to work with the FATF and the Asia Pacific Group (APG), which is its FSRB, to strengthen the effectiveness of its AML/CFT regime. Since the adoption of its mutual evaluation report in November 2021, Vietnam has made progress on some of the actions recommended in the mutual evaluation report by joining the Asset Recovery Interagency Network Asia Pacific and by adopting a national action plan on AML/CTF/countering proliferation financing. Vietnam will work to implement its FATF action plan: (1) by increasing risk understanding, domestic coordination and cooperation to combat money laundering/terrorist financing; (2) by enhancing international cooperation; (3) by implementing effective risk-based supervision for financial institutions and designated non-financial businesses and professions; (4) by taking action to regulate virtual assets and virtual asset service providers; (5) by addressing technical compliance deficiencies, including with respect to the money laundering offence, TFS, customer due diligence and suspicious transaction reporting; (6) by conducting outreach activities with the private sector; (7) by establishing a regime that provides competent authorities with adequate, accurate and up-to-date information on beneficial ownership; (8) by ensuring the independence of the FIU and enhancing the quality and quantity of financial intelligence analysis and disseminations; (9) by prioritising parallel financial investigations and demonstrating an increase in the number of money laundering investigations and prosecutions undertaken; and (10) by demonstrating that there is monitoring of financial institutions and designated non-financial businesses and professions for compliance with proliferation financing TFS obligations and that there is cooperation and coordination between authorities to prevent proliferation financing TFS from being evaded. Despite that commitment and progress, Vietnam has not yet fully addressed the concerns that led to Vietnam being added to the FATF’s list of ‘Jurisdictions under Increased Monitoring’. Vietnam should therefore be considered a third-country jurisdiction that has strategic deficiencies in its AML/CFT regime that pose significant threats to the financial system of the Union as referred to in Article 9(1) of Directive (EU) 2015/849.