Decree 87/2023/ND-CP regulating the prevention of counterfeit money in Vietnam

On December 8, 2023, the Government issued Decree 87/2023/ND-CP regulating the prevention and combat of counterfeit money and protection of Vietnamese currency, repealing Decision No. 130/2003/QD-TTg dated December 30, 2023. 6/2003 of the Prime Minister on the protection of Vietnamese currency. So, according to Decree 87/2023/ND-CP, what do readers need to pay attention to? Let’s find out with Viet An Law Firm.

Basic information about the Decree 87/2023/ND-CP regulating the prevention of counterfeit money in Vietnam

• Symbol number: 87/2023/ND-CP.
• Date of issue: December 8, 202
• Effective date: February 2, 2024.
• Document type: Decree.
• Issuing agency: Government.
• Signed by: Le Minh Khai.

Keynote in Decree 87/2023/ND-CP regulating the prevention of counterfeit money in Vietnam

Scope

Article 1 of Decree 87/2023/ND-CP stipulates “the detection, seizure, and handling of counterfeit money, temporary seizure of money suspected of being counterfeit, 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.”

Applicable subjects

According to Article 2 of Decree 87/2023/ND-CP, the subjects of application of this Decree are as follows:

• Ministry of Public Security, Ministry of National Defense, State Bank of Vietnam (hereinafter referred to as State Bank), Ministry of Finance, Ministry of Information and Communications, and related ministries and branches.
• Credit institutions, and foreign bank branches.
• Organizations and individuals involved in preventing and combating counterfeit money and protecting Vietnamese currency.

What is counterfeit money?

In Clause 2, Article 3, Decree 87/2023/ND-CP, counterfeit money is understood as an item with one or two sides that simulate the image, pattern, color, and size of Vietnamese money to be accepted as identical as Vietnamese money, does not have or is forged with security features, is not issued by the State Bank, or is Vietnamese money that has been altered, cut, or edited to create moneys with denominations different from the original.

Meanwhile, according to Clause 3 of this Article, suspected counterfeit money is money that has two sides similar to real money in terms of image, pattern, color, and size but after comparison with the security features of real money of the same type or Notice on the characteristics and how to identify Vietnamese money announced by the State Bank, it has not yet been determined whether it is real or counterfeit money.

Regarding the detection and seizure of counterfeit money

The content of detecting and seizing counterfeit money and temporarily confiscating suspected counterfeit money is specified in Article 4 of Decree 87/2023/ND-CP, specifically:

• When organizations and individuals discover cash that is suspected to be counterfeit or real money, they are responsible for comparing it with the security features of real money of the same type or informing them about the characteristics and how to identify Vietnamese money announced by the State Bank for determination.
• In case it is determined to be counterfeit money, organizations and individuals must confiscate it and make a record according to the form; In case of suspected counterfeit money, organizations and individuals must temporarily confiscate and make a record.
• Within a maximum period of 05 working days from the date of confiscation of counterfeit money or temporary seizure of suspected counterfeit money, organizations and individuals are responsible for preparing a dossier requesting an assessment of counterfeit money or suspected counterfeit money according to regulations and sending it to the appraisal agency of the Ministry of Public Security or the State Bank.
• In case organizations or individuals do not comply with the preparation of records, seizure of counterfeit money, or temporary seizure of suspected counterfeit money, the competent authority will immediately notify the nearest police agency for coordinated handling.
• In case of detecting signs related to the act of making, storing, transporting, or circulating counterfeit money, organizations and individuals are responsible for reporting and reporting crimes according to the provisions of the law on criminal proceedings.

Regarding the assessment of counterfeit and suspected counterfeit money

According to Article 5 of this Decree, appraisal to determine the authenticity of coins is carried out according to the provisions of this Decree. Judicial appraisal of Vietnamese currency is carried out by the law on judicial appraisal.

Agencies, organizations, and individuals that require an appraisal of counterfeit or suspected counterfeit currency to determine the authenticity of the currency shall prepare a set of documents according to regulations and submit them directly to the appraisal agency of the Ministry of Public Security or the State Bank.

The Ministry of Public Security and the State Bank arrange for professional people to assess counterfeit money and suspected counterfeit money, ensuring equipment, vehicles, and other necessary conditions to serve the work of assessing counterfeit and suspected counterfeit money; publicly announce the list and contact addresses of inspection agencies on the electronic information portal of the Ministry of Public Security and the State Bank.

Information about Vietnamese money, information about counterfeit money

The Decree stipulates that the State Bank shall publicly and widely provide information on the characteristics and identification of Vietnamese currency on mass media, the State Bank’s electronic information portal, or other appropriate communication methods.

The Ministry of Public Security, the Ministry of National Defense, and the State Bank coordinate and exchange information about counterfeit money appearing in circulation, methods, and tricks of criminal activities related to counterfeit money in writing or other appropriate methods to improve the effectiveness of fighting, preventing and combating counterfeit money and protecting Vietnamese money.

The State Bank and the Ministry of Public Security shall consider and decide to publicly announce information about counterfeit money so that organizations and individuals can know and prevent it. The Ministry of Public Security considers and decides to publicize information on methods and tricks of criminal activities related to counterfeit money. Providing and posting information related to counterfeit money is carried out by the provisions of the law.

International cooperation in preventing and combating counterfeit money

The Ministry of Public Security presides over and coordinates with the Ministry of National Defense, the State Bank, the Ministry of Finance, or relevant ministries and branches to build an international cooperation mechanism in exchanging practical experiences, fostering, and training to fight, prevent, and combat 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.

The State Bank, within the scope of its authority, decides to cooperate with international organizations, Central Banks, or money-issuing agencies of countries in exchanging and cooperating on solutions to prevent and combat counterfeit money and protect money. protect the national currency; Support training and coaching on recognizing real and counterfeit money; Organize or participate in conferences, seminars, or other forms of cooperation related to counterfeit money prevention and combat.

Managing stars, taking pictures of Vietnamese money

Regarding the principles of copying and taking images of Vietnamese currency, agencies, organizations, and individuals shall copy and photograph images of Vietnamese currency when ensuring all of the following principles:

• All copies and photos do not change the image of Vietnamese currency other than enlarging, reducing, or copying, taking photos at an angle and the same scale, and must ensure the integrity of the portrait and national emblem on the face of the money.
• Do not quote, merge, or combine part or all of the image of Vietnamese currency with content, sounds, or images that are vulgar, pornographic, violent, crime, social evils, or other content contrary to historical traditions, culture, ethics, fine customs and laws of Vietnam.
• Copying and taking images of Vietnamese currency is not for commercial purposes, does not collect money in any form except for use in journalistic works, documentaries, or archived in libraries for research purposes or taking photos and broadcasting Vietnamese currency displayed in public places to introduce and propagate Vietnamese currency.

Regarding conditions and standards for copying and photographing Vietnamese currency, in addition to the prescribed principles, agencies, organizations and individuals that copy and photograph Vietnamese currency must simultaneously meet one of the following conditions and criteria:

• Copy or photograph a portion of the image or pattern of Vietnamese money not exceeding 1/3 of the front or back area of the money; or
• Copy and take pictures of one side of Vietnamese currency with dimensions of length and width for paper money, diameter for metal money less than 75% or greater than 150% of the size of real money of the same denomination; or
• Copy and take pictures of both sides of Vietnamese currency with length and width dimensions for paper money, diameter for metal money less than 50% or greater than 200% of the size of real money of the same denomination; or
• Copy and capture images into electronic copies to post on the internet with a maximum resolution not exceeding 72dpi (Dots Per Inch) with a size equivalent to real money of the same denomination.

The above conditions and standards do not apply to the State Bank, printing and minting establishments, and inspection agencies as prescribed in this Decree.

In case other agencies and units under ministries, ministerial-level agencies, and Government agencies do not apply the above conditions and standards, there must be a written discussion in advance with the State Bank on the information of copies and photos of Vietnamese currency.

Clients who need advice on legal regulations on preventing and combating counterfeit money and protecting Vietnamese currency, civil law, corporate law, and related amended decrees, please contact Viet An Law Firm for the best support.