Law No. 07/2012/QH13 dated June 18, 2012 of the National Assembly on prevention of money laundering
Law No.: 07/2012/QH13
THE SOCIALIST REPUBLIC OF VIETNAM
Independence– Freedom – Happiness
Hanoi, June 18, 2012
PREVENTION OF MONEY LAUNDERING
Pursuant to the Constitution of the Socialist Republic of Vietnam dated 1992 supplemented and supplemented by a number of Articles according to the Resolution No. 51/2001/QH10;
The National Assembly has promulgated the Law on Prevention of money laundering.
Article 1. Scope of adjustment
1. This Law stipulates the measures to prevent, detect, stop and handle the organizations and individuals with the acts of money laundering, the responsibilities of agencies, organizations and individuals in the prevention of money laundering and international cooperation on anti-money laundering.
2. The prevention of money laundering in order to fund the terrorism shall comply with this Law, regulations of the Penal Code and the law on prevention terrorism.
Article 2. Subjects of application
1. Financial organizations
2. The organizations and individuals that are doing business in relevant financial sectors.
3. The organizations and individuals and foreigners living in Vietnam or the foreign organizations, international organizations and non-governmental organizations operating in the Vietnamese territory have the financial transactions and other property transactions with the organizations and individuals prescribed in clause 1 and clause of this Article.
4. Other organizations and individuals related to the prevention of money laundering.
Article 3. Applying the Law on prevention of money laundering, the relevant laws and International agreements.
The prevention, detection, stopping and handling of the acts of money laundering comply with the provisions of this Law and other provisions of the relevant law, except other provisions for the International agreements in which the Socialist Republic of Vietnam is a member.
Article 4. Explanation of terms
In this Law, the following terms are construed as follows:
1. Money laundering is the acts of the individuals and organizations in order to legalize the origin of the property created by the crimes including:
a) The acts are regulated in the Penal Code;
Supporting the organizations and individuals related to the crime in order to avoid the legal liability by the legalization of the property origin generated by the crime;
c) Possessing the property if at the time of receipt of the property being aware of that property due to criminal activity to legalize the origin of property.