Vietnam: Determination of money, assets involved in terrorism or terrorism financing

According to Clause 5 Article 3 of Decree No. 122/2013/ND-CP of Vietnam’s Government, money, assets involved in terrorism or terrorism financing are determined as follows:

- Money, assets under the ownership or possession, use, dispose, directly or indirectly control parts or all of such money, assets of organizations or individuals listed on the list of organizations and individuals involved in terrorism or terrorism financing (hereinafter referred to as “the List”).

- Money, assets derived from the money, assets under the ownership or possession, use, dispose, directly or indirectly control parts or all of such money, assets of organizations or individuals listed on the List.

- Money, assets under the ownership or possession, use, dispose, directly or indirectly control parts or all of such money, assets of organizations or individuals on the behalf of or under the management of subjects listed on the List.

- Money, assets is used or planned for terrorism and terrorism financing activities or money, assets gained from terrorism and terrorism financing activities.

Thus, money and assets involved in terrorism or terrorist financing shall be suspended, frozen, seized and disposed of in the cases specified above.

Besides, Decree No. 122/2013/ND-CP also specifies measures to handle money and assets involved in terrorism or terrorism financing, specifically including:

- Confiscated or destroyed in accordance with law;

- Returned to their lawful owners in case of such money or assets is appropriated or illegally used by other people for terrorism and terrorist financing activities;

- Paid for the essential expenses for daily life of individuals whose money or assets are suspended, frozen or seized and fulfill other legal obligations of the organizations or individuals whose money or assets are suspended, frozen or seized;

- Returned to the suspected organization or individual if they are removed from the List or it is determined that they are not on the List;

- Expropriated in case the legal owner or manager of such money, assets is not identifiable.

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

Thu Ba

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