Vietnam: When to report act of money laundering for the aim of terrorist financing?

According to Circular No. 35/2013/TT-NHNN of the State Bank of Vietnam, when detecting organizations or individuals committing transaction falling in black list or when having basis to deem that other organizations or individuals committing acts involving money laundering crime for the aim of terrorist financing, the reporting units shall report act of money laundering for the aim of terrorist financing to forces of anti-terrorism of the Ministry of Public Security, concurrently report to the Bureau of anti money laundering in writing or e-data file as prescribed in Article 10 of this Circular.

Moreover, Circular No. 35/2013/TT-NHNN also stipulates that if subjects report in writing, content of report includes the following information:

- Subject of report: Name, address, telephone number;

- Agency receiving report: Name, address;

- Organizations or individuals falling in black list or committing act involving money laundering crime for the aim of terrorist financing: Name, nationality, other information such as ID number or passport number, tax code, business registration number, address, account number, reference number of transaction (if any);

- Other relevant organizations or individuals: Name; nationality; relation with organizations or individuals stated in point c this Clause; other information such as ID number or passport number, tax code, business registration number, address, account number, reference number of transaction (if any);

- For e-remittance, including information as prescribed at Clause 2 Article 7 of this Circular;

- The applied temporary measures and information of transactions and assets involving the applied measures;

- Full name, signature of authorized persons and seal of the reporting units (if any).

Time limit for sending reports shall be implemented as stipulated in Clause 7 Article 16 of Decree No. 116/2013/ND-CP of Vietnam’s Government.

Thus, when detecting organizations or individuals committing transaction falling in black list or when having basis to deem that other organizations or individuals committing acts involving money laundering crime for the aim of terrorist financing, the reporting units shall report act of money laundering for the aim of terrorist financing.

View full text at Circular No. 35/2013/TT-NHNN of the State Bank of Vietnam, effective from February 14, 2014.

Thu Ba

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