Freezing of Accounts, Sealing or Temporary Holding of Assets in the Prevention and Combat of Money Laundering

Freeze Accounts, Seal or Temporarily Hold Assets in Anti-Money Laundering Activities as Specified in Clause 17 Article 1 Decree 87/2019/ND-CP Amending the Decree Guiding the Law on Anti-Money Laundering. Specifically:

- Reporting entities shall execute the freezing of accounts or apply measures to seal, temporarily hold assets upon the decision of a competent state authority.

- Competent state authorities, as stipulated by the laws on criminal procedure, execution of judgments, and inspection law, have the authority to issue decisions requiring reporting entities to apply measures to freeze accounts or seal, temporarily hold assets and bear responsibility for such decisions.

- The freezing of accounts or sealing, holding assets must be documented in writing, including at a minimum the following details: Name of the reporting entity tasked with implementing the freezing of accounts or sealing, holding assets; full name of the account holder or individual, organization related to the sealed, held assets; the account number being frozen or the list of assets being sealed, held; the amount of money being frozen; the start and end time of freezing accounts or sealing, holding assets; reasons for requiring the measures to freeze accounts or seal, hold assets; or as per the forms in criminal procedure.

- Reporting entities must report in writing to the State Bank of Vietnam immediately after executing the measures to freeze accounts or seal, temporarily hold assets stipulated in Clause 1 of this Article.

- The State Bank of Vietnam, according to its functions and duties, shall cooperate with competent state authorities in the process of freezing accounts or sealing, temporarily holding assets as prescribed in Clause 1 of this Article.

Sincerely.