Vietnam: Procedures for freezing money and assets involved in terrorism detected through financial activities

According to Decree No. 122/2013/ND-CP of Vietnam’s Government, financial organizations, non-financial organizations or individuals shall regularly examine and verify customers’ transactions whether they are related to terrorism and terrorism financing.

In case of detecting money, assets involved in terrorism and terrorism financing, financial organizations, non-financial organizations or individuals shall apply the process of circulation suspension, freezing such objects and immediately report in writing with relevant documents to the director of the local police department for consideration and handling. Within 03 working days from the date of receiving the report, directors of provincial police departments or General Director of 1st General Department of Security shall consider and decide whether the suspected money, assets are related to terrorism and terrorism financing. If the suspected money, assets are involved in terrorism and terrorism financing, directors of provincial police departments or General Director of 1st General Department of Security shall issue decision on applying the circulation suspension, freezing, sealing and temporary seizure of such money, assets and send to the related subjects for application.

In case the suspected money, assets belong to organizations or individuals who are not listed on the List , competent authorities shall inform in writing to the financial organizations, non-financial organizations and individuals to stop the circulation suspension, freezing thereof.

Moreover, when receiving information gained through investigation or handling reports of organizations or individuals about suspecting money and/or assets are used in financial or non-financial activities, anti-terrorism agencies of provincial police departments or anti-terrorism agencies of 1st General Department of Security shall cooperate with relevant agencies, organizations or individuals to verify the information; and request the related subjects to suspend circulation, freeze, seal or temporarily seizure such money, assets and immediately report to the directors of provincial police departments or General Director of 1st General Department of Security for consideration and handling.

Notably, in case of detecting money or assets involved in terrorism and terrorism financing of the money and/or assets, directors of provincial police departments or General Director of 1st General Department of Security shall immediately report to the Minister of Public Security for consideration and handling within assigned scope.

Within 30 days from the issuance date of the decision on suspending the circulation, freezing, sealing, temporary seizure and disposal of money and assets involved in terrorism or terrorist financing, the Minister of Public Security shall take responsibility for considering and handling such money and assets. In case of complicated circumstances or inspection and verification in many locations, agencies or organizations, the time limit for issuing final decisions shall not exceed 60 days; in case of gathering and verification information overseas, the time limit shall not exceed 90 days counted from the date of decision on suspending the circulation, freezing, sealing, temporary seizure and disposal of money and assets involved in terrorism or terrorist financing.

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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