Application of provisional measures on prevention of money laundering from January 01, 2013 in Vietnam

According to Article 37 of the Law on prevention of money laundering 2012 of Vietnam, provisional measures including transaction delay, blocking accounts, sealing or temporarily seizing property are applied from January 01, 2013. To be specific:

- Transaction delay:

+ The reporting subject must apply measures to delay the transaction when the parties related to the transaction included in the blacklist or there are reasons to believe that the transaction required to be performed related to the criminal activities and must report immediately in writing to the competent State agency.

+ The time limit to take the delay measure for the transaction does not exceed 03 working days from the date of application starting.

+ The reporting subject shall report to the State Bank of Vietnam when the parties related to the transaction included in the blacklist or there are reasons to believe that the transaction required to be performed related to the criminal activities.

- Blocking accounts, sealing or temporarily seizing property: The reporting subjects must block the accounts or apply the measures of sealing or temporary seizure of the property of individuals and organizations upon the decision of competent state agencies under the law and make reports on the implementation to the State Bank of Vietnam.

Besides, this Law also stipulates that organizations that violate the provisions of this Law shall be administratively sanctioned. Individuals who violate the provisions of this Law, depending on the nature and seriousness of their violations, shall be subject to disciplinary, administrative or criminal sanctions in accordance with law. In case organizations or individuals violate the provisions of this Law, causing damage, they must pay compensation in accordance with law.

View more details at the Law on prevention of money laundering 2012 of Vietnam, effective on January 01, 2013.

Ty Na

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