What is terrorist financing? Regulations on combat against terrorist financing in Vietnam

What is terrorist financing? Regulations on combat against terrorist financing in Vietnam (Internet image)

1. What is terrorist financing?

Terrorist financing means act of mobilizing, supporting with money and assets in any form for terrorist organizations and individuals.

In which:  Terrorism means one, several or all of the following acts committed by organizations or individuals with the aim to oppose the people’s authorities, to compel the people’s authorities, foreign organizations and international organizations, cause difficulties to the international relations of the Socialist Republic of Vietnam or cause panic situation in the public:

- Infringing upon the lives, health, and body liberty or threatening to infringe upon the lives or intimidating mental of others;

- Appropriating, damaging, destroying or threatening to destroy assets; attacking, infringing upon, obstructing or causing disorder to, operation of computer networks, telecommunication networks, Internet and digital equipment of agencies, organizations or individuals;

- Guiding the manufacture, production and use of, or manufacturing, producing, storing, transporting, trading in, weapons, explosives, radioactive materials, poison, inflammables and other instruments and means in serve of committing the acts defined at Point a and Point b, Clause 1 of Article 3 of the Anti-Terrorism Law 2013;

- Propagating, dragging into, inciting, forcing, hiring, or creating conditions for, or assisting for, the commission of the acts defined at Points a, b and c, Clause 1 of Article 3 of the Anti-Terrorism Law 2013;

- Establishing, participating in the organization, recruitment, training and coaching of objects with the aim to commit the acts defined at Points a, b, c and d, Clause 1 of Article 3 of the Anti-Terrorism Law 2013;

- Other acts that are considered terrorism under the anti-terrorism international treaties of which the Socialist Republic of Vietnam is a member.

(Article 3 of the Anti-Terrorism Law 2013)

2. Regulations on combat against terrorist financing in Vietnam

Regulations on combat against terrorist financing in Vietnam prescribed in Chapter V of the Anti-Terrorism Law 2013 are as follows:

- Detection of terrorist financing, receipt and handling of reports and denunciations on terrorist financing

= The State Bank, financial institutions, relevant organizations and individuals trading in non-financial lines and other organizations and individuals, upon detecting signs or acts of terrorist financing, must timely report them to the anti-terrorism forces defined at Point a Clause 1 Article 14 of the Anti-Terrorism Law 2013.

= The anti-terrorism forces defined at Point a Clause 1 Article 14 of the Anti-Terrorism Law 2013 shall fully receive reports and denunciations on terrorist financing, fast process the information and report them to competent authorities and competent Anti-Terrorism Steering Committees; in case of detecting that terrorist financing has happened or having grounds to assume that terrorist financing will happen, they may immediately apply the urgent anti-terrorism measures specified at Points e, i, k, l and m Clause 2 Article 30 of the Anti-Terrorism Law 2013.

- Identification of, update of customers’ information and application of temporary measures

Financial organizations, organizations and individuals trading in non-financial lines are obliged to apply measures to identify and update customers’ information; upon having doubts that customers or their transactions involve terrorist financing or customers are in the black list, they report such to the anti-terrorism force of the Ministry of Public Security and functional unit of the State Bank of Vietnam, and must apply temporary measures in accordance with law on prevention and combat of money laundering.

- Control of transporting cash, precious metals, gems and negotiable instruments across boundaries

Organizations and individuals competent to control of transporting cash, precious metals, gems and negotiable instruments across Vietnamese boundaries as prescribed in Article 24 of the Anti-Terrorism Law 2013 and Article 24 of the Law on prevention and combat of money laundering shall timely detect, prevent and handle acts of misusing these activities to finance terrorists.

Diem My

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