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- 26 / 12 / 2023 -
NEW REGULATIONS ON COUNTERFEIT MONEY PREVENTION AND CONTROL
Production and circulation of counterfeit money constitute a type of crime that, while not new, is increasingly sophisticated and prevalent. Understanding the detrimental impact of counterfeit currency on socioeconomic development, the banking sector regularly collaborates with relevant authorities to promote campaigns against counterfeit money. On December 8, 2023, the government issued Decree No. 87/2023/ND-CP, outlining measures for preventing and combating counterfeit money and safeguarding the Vietnamese currency. Notably, this decree emphasizes aspects related to the detection, seizure, and temporary confiscation of counterfeit money (‘Decree 87‘).
Now, let’s delve into the details with Bizlawyer!
In activities and transactions involving cash, the State Bank, credit institutions, branches of foreign banks, the State Treasury, police agencies, authorized military units, and customs authorities must determine whether the currency is genuine or counterfeit by comparing it with the security features of officially published Vietnamese currency by the State Bank.
- In the event of discovering counterfeit money, the aforementioned agencies and organizations shall seize and prepare a record according to Form 01 attached in the appendix issued with the Decree.
- If suspected counterfeit money is found, the mentioned agencies and organizations shall temporarily seize and prepare a record according to Form 02 in the appendix issued with the Decree.
Should institutions or individuals fail to comply or cooperate in preparing records or seizing suspected counterfeit money, the State Bank, credit institutions, branches of foreign banks, and the State Treasury shall promptly report to the nearest police authority for coordinated handling.
- Upon detecting signs related to the act of producing, hoarding, transporting, or circulating counterfeit money, institutions and individuals are responsible for reporting such criminal activities according to the procedures stipulated by criminal procedural law.
This encapsulates the entirety of the new regulations on counterfeit money prevention and control. Decree 87 will take effect from February 2, 2024.
This bulletin is solely intended to inform about newly enacted legal regulations and is not meant for advice or application in specific cases.
We hope this information is beneficial to our dear readers.
