Vietnam: 03 acts that are strictly prohibited when freezing money and assets involved in terrorism

According to Article 5 of Decree No. 122/2013/ND-CP of Vietnam’s Government, agencies, organizations and individuals related to circulation suspension, freezing, sealing, temporary seizure and disposal of money and assets involved in terrorism or terrorist financing are prohibited from engaging in the following acts:

- Taking advantage of the circulation suspension, freezing, sealing, temporary seizure and disposal of money and assets involved in terrorism or terrorist financing, and compilation of the list to violate the State interests, legitimate rights and interests of agencies, organizations and individuals.

- Revealing the time, location and contents of postal packages opened for examination in accordance with provisions of this Decree.

- Directly or indirectly providing money, assets, financial sources, economic resources, financial services or other services for individuals or organizations on the List.

Decree No. 122/2013/ND-CP also specifies the principles of suspending circulation, freezing, sealing, temporary seizure and disposal of money and assets involved in terrorism or terrorist financing; and compilation of the list thereof as follows:

- Ensure the conditions; procedures and competence of the process are complied with law and provisions of international treaties of which the Socialist Republic of Vietnam is a member.

- Ensure the process is promptly and effectively implemented and caused no infringements of the State's interests, legitimate rights and interests of agencies, organizations and individuals.

- Information about organizations, individuals that are suspected of being involved in terrorism or financing terrorism shall be treated with confidentiality until the related list is publicized in accordance with this Decree.

- Agencies, organizations and individuals suffering from illegal acts committed by competent agencies or organizations in the process of suspending circulation, freezing, sealing, temporary seizure and disposal of money and assets involved in terrorism or terrorist financing, and compilation of the list shall be compensated in accordance with law.

- Money, assets, rights and interests of bona fide third parties shall be respected and protected in accordance with law.

View other provisions at Decree No. 122/2013/ND-CP of Vietnam’s Government, effective from October 11, 2013.

Thu Ba

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