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- 26 / 12 / 2023 -
FROM 01/12/2023, ALL TRANSACTIONS OVER 400 MILLION MUST BE REPORTED

Decision No. 11/2023/QD-TTg issued by the Prime Minister on April 27, 2023, regulates the reporting threshold for significant transactions (“Decision 11“).

Let’s delve into the details with Bizlawyer!

In accordance with the provisions of Clause 3, Article 3 of the Anti-Money Laundering Law 2022, significant transactions are cash or foreign currency transactions carried out one or more times in a day with a total value equal to or exceeding the prescribed threshold.

The current Decision No.20/2013/QD-TTg stipulates that transactions exceeding 300 million Vietnamese dong must be reported to the State Bank of Vietnam. However, starting from December 1, 2023, the reporting threshold has been increased to 400 million Vietnamese dong.

The scope of application of this law includes financial institutions, organizations, individuals engaged in non-financial sectors as stipulated in Clause 1 and Clause 2, Article 4, along with the reporting procedures specified in Article 36 of the Anti-Money Laundering Law 2022.

* This news is for informational purposes regarding newly enacted legal regulations and is not intended for specific case consultation or application.

We hope this information is helpful to our valued readers.

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NEW REGULATIONS ON COUNTERFEIT MONEY PREVENTION AND CONTROL