Posted on September, 19 2022

Ha Noi, on September 13, 2022, WWF, through the Saving Threatened Wildlife project, supported by USAID, and the Vietnam Bank’s Association (VNBA) co-hosted a workshop to raise awareness and share information on the risk to the financial sector from money laundering associated with wildlife crime. 
 
The illegal wildlife trade (IWT) generates billions of criminal proceeds each year. The profits from this criminal activity are laundered by exploiting weaknesses in the financial and non-financial sectors. In Viet Nam, financial institutions might face various risks if lax client management unintentionally allows criminal activity, enabling further wildlife crimes and damaging financial integrity.
 
The workshop provided in-depth knowledge of wildlife trafficking, and the changing context of IWT money laundering in Viet Nam, highlighting the money laundering risks linked to IWT and encouraging the financial leaders to become countering wildlife trafficking (CWT) champions. Many of the financial sector representatives who have heard about the IWT-related regulations for the first time expressed their high concern and engaged in active discussions during the group sessions. At the end of the event, 100% of the attendees surveyed noted the need for further information, technical support, and case studies related to anti-money laundering and IWT. 
 
Over 100 representatives from banks, and financial institutions and remittance companies, NGOs attended the workshop. Among the attended organizations were the State Bank of Vietnam, VNBA, three state-owned banks including Agribank, BIDV, Vietinbank, 17 commercial banks including ACB Bank, Techcombank, PVcombank, and, 7 international banks including HSBC, ANZ, CitiBank N.A. Three financial and remittance companies (NAPAS, Lotte Financial Viet Nam, EVN Finance), the Banking Academy, and Banking Magazine also attend the event.
 
Ms. Sirirut Rattanamongkolsak, Senior Investigator, Anti-money Laundering Office, Thailand, provided information from her experience in investigating illicit financial flows and the methods used to launder money. Dr. Vuong Tien Manh, Deputy Director, CITES MA Viet Nam informed the attendees of the most updated CITES regulations and the UN General Assembly’s Resolution that IWT cases are treated as predicate offenses for domestic money laundering. 
 
The Saving Threatened Wildlife project looks forward to working with businesses in the financial sector and other industries to combat wildlife trafficking in and into Viet Nam.