According to the law in Vietnam, what is counterfeit money? Which agency has the authority to collect counterfeit money for destruction in Vietnam?

According to the law in Vietnam, what is counterfeit money?

Clause 2 Article 3 of Decree 87/2023/NĐ-CP defines counterfeit money as follows:

Counterfeit money is an object with one or two sides that simulates the images, patterns, colors, and sizes of Vietnamese currency to be accepted as Vietnamese currency, does not have or counterfeits security features, is not issued by the State Bank of Vietnam, or is Vietnamese currency that has been changed, cut, or edited to create a banknote with a different face value than the original.

Which agency has the authority to collect counterfeit money for destruction in Vietnam?

Article 9 of Decree 87/2023/NĐ-CP on the collection of counterfeit money:

Collection and destruction of counterfeit money

1. The State Bank of Vietnam (SBV) shall organize the collection of counterfeit money for destruction. Counterfeit money collected shall be counted by sheet or piece and shall be recorded in a written document in accordance with Form No. 04 in the Appendix attached to this Decree, stating the type of money, quantity, face value, and series of counterfeit money submitted.

2. The destruction of counterfeit money by the SBV, including counterfeit money related to violations of the law, shall be carried out in accordance with the provisions on the destruction of money that does not meet the circulation standards of the SBV.

As regulations above, the State Bank of Vietnam is responsible for organizing the collection of counterfeit money for destruction.

According to the law in Vietnam, what is counterfeit money? Which agency has the authority to collect counterfeit money for destruction in Vietnam? - Source: Internet

Where can citizens submit counterfeit money in Vietnam?

Article 8 of Decree 87/2023/NĐ-CP on the submission of counterfeit money:

Submission of counterfeit money

1. Organizations and individuals who have counterfeit money shall submit it to the nearest credit institution, foreign bank branch, State Treasury, or State Bank of Vietnam, or submit it to the police, competent authorities of the army, or customs for transfer to the State Bank of Vietnam.

2. The submission of counterfeit money shall be evidenced by a written document stating the type of money, quantity, face value, and series of counterfeit money submitted in accordance with Form No. 04 in the Appendix attached to this Decree.

3. Credit institutions and foreign bank branches shall submit counterfeit money in accordance with the regulations of the State Bank of Vietnam.

Therefore, counterfeit money can be submitted to credit institutions, foreign bank branches, the State Treasury, the State Bank of Vietnam, the police, the competent authorities of the army, or customs for transfer to the State Bank of Vietnam.

What is the imprisonment sentence for transporting counterfeit money in Vietnam?

Pursuant to Article 207 of the Criminal Code in 2015 stipulating production, possession, transport of counterfeit money as follows:

Production, possession, transport of counterfeit money

1. Any person who produces, possesses or transports counterfeit money shall face a penalty of 03 - 07 years' imprisonment.

2. If value of counterfeit money is from VND 5,000,000 to under VND 50,000,000, the offender shall face a penalty of 05 - 12 years' imprisonment.

3. If value of counterfeit money is ≥ VND 50,000,000, the offender shall face a penalty of 10 - 20 years' imprisonment or life imprisonment.

4. A person who prepares for the commission of this offence shall face a penalty of up to 03 years' community sentence or 01 - 03 years' imprisonment.

5. The offender might also be liable to a fine of from VND 10,000,000 to VND 100,000,000 or have all or part of his/her property confiscated.

Therefore, the act of transporting counterfeit money can be prosecuted for the crime of production, possession, transport of counterfeit money. This act can be punished with penalties of 03 - 20 years' imprisonment or life imprisonment, depending on the severity of the violation.

In addition, the offender might also be liable to a fine of from VND 10,000,000 to VND 100,000,000 or have all or part of his/her property confiscated.

What are included in the dossier for request for counterfeit money appraisal in Vietnam?

Clause 2, Article 5 of Decree 87/2023/ND-CP on the appraisal of counterfeit and suspected counterfeit money:

Appraisal of counterfeit and suspected counterfeit money

...

2. The appraisal request dossier shall consist of the following:

a) Application for appraisal of counterfeit and suspected counterfeit money in accordance with Form No. 03 in the Appendix attached to this Decree;

b) The physical object of counterfeit and suspected counterfeit money to be appraised.

...

As regulations above, the appraisal request dossier shall consist of the following:

- Application for appraisal of counterfeit and suspected counterfeit money.

- The physical object of counterfeit and suspected counterfeit money to be appraised.

Best regards!