Vietnam’s regulation on assessment of counterfeit money and suspected counterfeit money from February 2, 2024

Vietnam’s regulation on assessment of counterfeit money and suspected counterfeit money from February 2, 2024 

According to the Decree, the assessment of counterfeit money and suspected counterfeit money is as follows: 

 (1) Determining legitimacy of currency shall conform to Decree No. 87/2023/ND-CP. Judicial expertise regarding Vietnamese currency shall conform to judicial expertise laws.

Agencies, organizations, and individuals requesting assessment of counterfeit money or suspected counterfeit money for the purpose of determining the legitimacy of the currency shall prepare requests according to (2) and submit them to assessing bodies of the Ministry of Public Security or the SBV.

The Ministry of Public Security of Vietnam and SBV shall assign individuals specializing in assessment of counterfeit money, suspected counterfeit money, prepare equipment, instruments, and other necessities for assessment of counterfeit money and suspected counterfeit money; publish list and address of assessing bodies on websites of the Ministry of Public Security of Vietnam and SBV.

(2) Request for assessment consists of:

- Form No. 3 under Appendix enclosed with Decree No. 87/2023/ND-CP;

- Exhibits that are counterfeit money, suspected counterfeit money filed for assessment.

(3) Assessing bodies shall conduct assessment within a maximum of 5 working days for each note or coin; if there are more than 20 notes or coins requested for assessment in a written request, the time limit for assessment shall not exceed 60 days from the date on which adequate documents according to (2) are received.

If assessing bodies deem the assessment to take longer than the time limit mentioned above, assessing bodies shall notify requesting agencies, organizations, and individuals in writing.

 (4) Assessing legitimacy of coins in accordance with Decree No. 87/2023/ND-CP shall be conducted free of charge. Costs for judicial expertise regarding Vietnamese currency shall conform to judicial expertise laws.

(5) In case of discrepancies between assessment results of assessing bodies, assessment results produced by the SBV shall prevail.

See more details in Decree No. 87/2023/ND-CP, which comes into force as of February 2, 2024 and annuls Decision No. 130/2003/QD-TTg.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE