The Government clearly stipulates the responsibilities of each agency in preventing and combating counterfeit money

VCN - The Government signed and promulgated Decree No.87/2023/ND-CP regulating the prevention and combat of counterfeit money and the protection of Vietnamese currency (Decree 87). The Decree takes effect from February 2, 2024.
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The State Bank needs to ensure that currency in circulation is durable, beautiful, and highly resistant to counterfeiting. Photo: ST
The State Bank needs to ensure that currency in circulation is durable, beautiful, and highly resistant to counterfeiting. Photo: ST

Criminal proceedings if storing or transporting counterfeit money

This Decree regulates the detection, seizure, and handling of counterfeit money, temporary seizure of suspected counterfeit money, and money suspected of illegal destruction; detect, seize, and handle illegally destroyed money; assessment of counterfeit and suspected counterfeit money; management of copying and taking images of Vietnamese currency and responsibilities of state management agencies, organizations and individuals in preventing and combating counterfeit money and protecting Vietnamese currency.

Regarding international cooperation in preventing and combating counterfeit money, Decree 87 stipulates that the Ministry of Public Security shall preside over and coordinate with the Ministry of National Defense, the State Bank of Vietnam, the Ministry of Finance or relevant ministries and branches to develop a international cooperation mechanism in exchanging practical experiences, fostering and training professional skills in fighting, preventing and combating counterfeit money and counterfeit money crimes; Develop and implement plans and measures to detect and fight against transnational lines of making, storing, transporting and trading counterfeit money.

​In particular, with regulations on detecting and seizing counterfeit money and temporarily confiscating suspected counterfeit money, the Decree stipulates that in activities and transactions related to cash, the State Bank (SBV), the Credit institutions, foreign bank branches, State Treasuries, police agencies, competent military agencies, and customs compare the security features on real money of the same type or report on characteristics and how to identify Vietnamese currency announced by the State Bank to determine whether it is real or fake money.

In case of detecting counterfeit or suspected counterfeit money, the relevant authorities will temporarily confiscate it and make a record according to regulations.

The Decree also clearly states that in cases where organizations and individuals do not comply with making records, seizure of counterfeit money, temporary seizure of suspected counterfeit money, the State Bank, credit institutions, foreign bank branches, the State Treasuries immediately notifies the nearest police agency for coordinating to handle.

In case of detecting signs related to the act of making, storing, transporting or circulating counterfeit money, organizations and individuals are responsible for reporting crimes according to the provisions of law on criminal proceedings. Receiving and resolving denunciations and information about crimes are carried out in accordance with the provisions of criminal procedure law.

Ensuring that the currency is durable, beautiful, and highly resistant to counterfeiting

Decree 87 of the Government also clearly stipulates the rights and responsibilities of agencies, organizations and individuals in preventing and combating counterfeit money.

Regarding individuals, the Decree clearly states that Vietnamese currency must be preserved during the process of management and use; Responsible for requesting authorities to examine counterfeit and suspected counterfeit money according to regulations; promptly notify the nearest police, military, and customs authorities of violations of regulations on preventing and combating counterfeit money and protecting Vietnamese currency; Comply with regulations on the management of copying and taking images of Vietnamese currency.

The Ministry of Public Security is required to take main and comprehensive responsibility for preventing and combating counterfeit money and protecting Vietnamese currency, presiding over, coordinating with the State Bank of Vietnam, the Ministry of National Defense, the Ministry of Finance, the Ministry of Information and Communications, relevant ministries and branches to guide and direct relevant units in preventing and combating counterfeit money and protecting Vietnamese currency. Preside over and coordinate with relevant ministries and branches in international cooperation on preventing and combating counterfeit money crimes.

The Ministry of National Defense is required to coordinate with the Ministry of Public Security to inspect, control, and detect violations of regulations on the protection of Vietnamese currency according to the scope and management authority; Guide and direct relevant authorities and units in handling cases of counterfeit money, suspected counterfeit money, suspected destruction of money, and coordinate in the work of preventing and combating counterfeit money and protecting Vietnamese currency according to the provisions of law. Coordinate with the Ministry of Public Security, the State Bank of Vietnam and relevant ministries and branches in information and propaganda work on protecting Vietnamese currency.

The State Bank needs to ensure that money in circulation is durable, beautiful, highly resistant to counterfeiting, convenient in management and use, and provide guidance on appropriate preservation measures to the material of the money to increase their useful life in circulation.

At the same time, research and apply solutions to improve the quality and anti-counterfeiting ability of Vietnamese currency; Guide and inspect the handling of counterfeit and suspected counterfeit money in the banking sector; Guide organizations and individuals to copy and take images of Vietnamese currency in accordance with the law; Coordinate with the Ministry of Public Security, the Ministry of National Defense and relevant ministries and branches in information and propaganda work on protecting Vietnamese currency.

The responsibility of the Ministry of Finance is to synthesize and submit to competent authorities to allocate funds for regular central budget expenditures for ministries, ministerial-level agencies, and agencies directly under the Government to carry out the work of preventing, combating counterfeit money and protect Vietnamese currency according to the provisions of the State Budget Law and guiding documents.

Along with that, direct and guide affiliated agencies to organize the implementation of this Decree according to assigned functions and tasks; Guide and inspect the handling of counterfeit money, suspected counterfeit money, and suspected destroyed money according to the scope of management authority.

Previously, in the opinion of the State Bank, the practice of preventing and combating counterfeit money showed that the scope of activities of counterfeit money criminals is increasingly wide, including inland, land border areas and sea areas. But current regulations only stipulate 4 coordination tasks between the police force, border guards and customs forces.

Therefore, in order for the work of preventing and combating counterfeit money and protecting Vietnamese currency to be effective and comprehensive, the State Bank of Vietnam considers it necessary to supplement the responsibilities of participating of forces to enhance coordination between functional units of the police, army, customs and the State Bank in preventing and combating counterfeit money.

By Huong Diu/ Phuong Linh

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