Official Implementation of New Regulations on Counterfeit Money Prevention

Effective from 2nd February 2024, Decree No. 87/2023/NĐ-CP on anti-counterfeiting and protection of Vietnamese currency shall come into force.

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This decree regulates the detection, seizure, handling of counterfeit money, provisional seizure of suspected counterfeit money, illegally damaged money; detection, seizure, handling of law-damaged money; authentication of counterfeit money, suspected counterfeit money; management of Vietnamese money preservation, photography and the responsibilities of state management agencies, organizations, and individuals in the prevention and protection of counterfeit money and the protection of Vietnamese money.

According to the regulation in this decree, Vietnamese money (authentic money) includes paper money, metal money issued by the State Bank, which are legal means of payment according to the provisions of the law.

Officially implementing new regulations on combating counterfeit money. Photo: T.L

Counterfeit money is understood as an item with one or two sides simulating the image, patterns, colors, and size of Vietnamese money to be accepted as Vietnamese money, without or counterfeiting security features, not issued by the State Bank or is money that has been altered, cut, or edited to create a counterfeit banknote with a value different from the original.

In activities and transactions related to cash, the State Bank, credit institutions, foreign bank branches, State Treasury, public security agencies, authorized military agencies, and customs authorities shall crosscheck with the security features on genuine money of the same type or notify the features and ways to recognize Vietnamese money published by the State Bank to determine whether it is genuine or counterfeit money.

In the case of detecting counterfeit money, the State Bank, credit institutions, foreign bank branches, State Treasury, public security agencies, authorized military agencies, and customs authorities shall seize and draw up minutes according to the Form No. 01 in the Appendix issued together with this Decree; in the case of detecting suspected counterfeit money, provisional seizure and minutes shall be made.

Definition of suspected money as counterfeit money

Suspected counterfeit money is money with two sides resembling genuine money in terms of image, patterns, colors, and size, but after crosschecking with the security features on genuine money of the same type or notifying the features and ways to recognize Vietnamese money published by the State Bank, it is still not determined whether it is genuine or counterfeit money.

Chí Tín

SOURCEvietstock
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