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MEKONG COUNSEL

Circular guiding the implementation of regulations on preventing, combating money laundering in real estate trading operations

On September 1st, 2011, the Ministry of Construction issued Circular No. 12/2011/TT-BXD guiding the implementation of a number of contents of Decree No. 74/2005/ND-CP dated June 7th, 2005 of the Government on preventing, combating money laundering in real estate trading operations. Accordingly,

 

- Real estate exchange floors, organizations, individuals trading in real estate brokerage service, organizations, individuals trading in real estate management service (“reporting organizations”) must form and issue Internal Regulations on preventing, combating money laundering basing on relevant legal documents. The Internal Regulations on preventing, combating money laundering must be submitted to the Department of Preventing Money Laundering under the Financial Supervision Agency – the State Bank of Vietnam, Department of Real Estate Market Administration – the Ministry of Construction, Department of Construction where the reporting organizations are headquartered.

 

- The reporting organizations shall decide on officer arrangement or forming a specialized group mainly responsible for preventing, combating money laundering. The reporting organizations must register information relevant to the officers or specialized group with the competent state authority.

 

- Every month, the reporting organizations must make and keep in file the report on transactions with big value in accordance with the laws. Accordingly, transactions with big value shall be one or many transactions valued from VND 200 million and above or in foreign currency, gold with equivalent value conducted by an individual or organization in a day

 

- Upon discovering suspected transactions, the reporting organizations must make report in writing (under a set form) and send to the Department of Preventing Money Laundering under the Financial Supervision Agency – the State Bank of Vietnam, Department of Real Estate Market Administration – the Ministry of Construction. Accordingly, suspected transactions shall be unusual transactions, not appropriate to regulations, for instance, transactions are conducted by a customer relating to illegal operations which have been published on public media, documents on transactions or documents on real estate have the sign of forging…

 

- In addition, the reporting organizations shall have the right to apply temporary measures not to carry out the real estate transaction and report to the competent authority in certain cases as stipulated.

 

This Circular shall come into force 45 days after the date of signing.