Management of Financial Areas of Organizations Related to the Proliferation of Weapons of Mass Destruction

Decree 81/2019/ND-CP clearly states that ministries, ministerial-level agencies, and provincial People's Committees, within their scope and authority, must prevent Vietnamese organizations and individuals, as well as foreign organizations and individuals in Vietnam, from providing money or assets to individuals or organizations related to activities involving the proliferation of weapons of mass destruction, except in cases where permission is granted, authorized, or notified as per related United Nations Security Council resolutions.

Illustrative image (source: internet)

Additionally, financial institutions, non-financial business organizations and individuals, payment intermediaries, and relevant agencies, organizations, and individuals have the following responsibilities:

- Apply measures to identify and update customer information in accordance with anti-money laundering laws. If there is suspicion that customers or their transactions are related to financing the proliferation of weapons of mass destruction, they must immediately suspend transactions, freeze related assets, and notify the competent focal Unit about these actions; the suspension and freeze can only be lifted upon guidance from the focal Unit; report the compliance results to the focal Unit, including unsuccessful attempts;- Regularly update lists of designated organizations and individuals; report to the national focal Agency or Unit any assets or related assets that are frozen, or results of implementing United Nations Security Council requests, including ongoing transaction attempts;- Provide information to the focal Unit and competent authorities regarding the prevention and financing of the proliferation of weapons of mass destruction;- Develop and implement internal regulations on the prevention and financing of the proliferation of weapons of mass destruction according to this Decree and related laws.

The competent focal Unit, within 3 days from receiving notifications from the aforementioned entities, must review and handle the situation; if there are grounds to believe that the money or assets are related to the proliferation and financing of the proliferation of weapons of mass destruction, it will decide to freeze accounts, seal or temporarily hold assets; if there are no grounds, it will guide the entities to immediately cease their implemented suspensions and freezes.

However, if there are grounds to believe that the money or assets are related to the proliferation of weapons of mass destruction, the focal Unit must immediately notify the relevant organizations or individuals and decide how to handle the money and assets according to the Anti-Money Laundering Law and Anti-Terrorism Law within 30 days from the date of notification. For cases with many complex details or requiring verification in multiple locations, the decision period is no more than 60 days; if verification and evidence collection are needed abroad, the period is no more than 90 days.

See additional regulations in Decree 81/2019/ND-CP effective from November 11, 2019.

Thu Ba

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