Vietnam: When to report acts for the aim of terrorist financing?

According to Clause 6 Article 1 of Circular No. 20/2019/TT-NHNN of the State Bank of Vietnam, when detecting or there are grounds for presuming that an organization or individual included in a designation list or black list or another organization or individual has committed an act related to terrorism financing (“TF”) or money laundering (“ML”) for the purpose of TF, the reporting entity shall report to the anti-terrorism force of the Ministry of Public Security and the Anti-Money Laundering Department (“AML Department”) as regulated by Article 10 of Circular No. 35/2013/TT-NHNN.

If subjects report in writing, content of report includes the following information:

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

- Agency receiving report: Name, address;

- An organization or individual committing an act related to TF or ML for the purpose of TF: Name; nationality; other information such as number of unexpired identity card or passport, number of business registration certificate or enterprise registration certificate, tax identification number, address, account number and transaction code;

- 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 Circular No. 35/2013/TT-NHNN;

- 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 report shall perform like report on transaction which has signs involving crime as prescribed at Clause 7 Article 16 of Decree No. 116/2013/ND-CP dated October 04, 2013, detailing implementation of a number of Articles of Law on anti-money laundering.

View other provisions at Circular No. 20/2019/TT-NHNN of the State Bank of Vietnam, effective from November 14, 2019.

Thu Ba

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