With sophisticated tricks for self-seeking purposes, the criminals are getting more and more sophisticated skills; crimes such as forging immigration papers; forging seals; fake driver’s licenses…and other ways more and more. Counterfeit money is a currency that is made to look like Vietnamese currency; but is not printed, minted, or issued by the State Bank. If the circulation of counterfeit money is frequent, it will lead to economic inflation. So how will criminals receive specific penalties for using counterfeit money? Today, LSX Lawfirm will give you an article about “Penalties for using counterfeit money in accordance with Vietnamese law“, as follows:
Legal grounds
Law on State Bank of Vietnam 2010
Criminal Law 2015, amendments and supplements in 2017
What is counterfeit money?
Counterfeit money is the currency that is not issued by the state. It is created by organizations and individuals with the goal of making a profit. The appearance of counterfeit money is 95% similar to real money. If you do not know how to identify counterfeit money; real money, the victim will be easily tricked by the users.
As a result, when counterfeit money is easily consumed, the amount of money in the market will increase. From there, leading to rising inflation that the state cannot control. Therefore, the currency depreciated, and the economy lacked all resources for development. Therefore, the punishment for using counterfeit money needs to be stricter to increase deterrence for the subjects.
Signs of counterfeit money
Some quick ways to check for counterfeit money recommended by Lawyer 247 include:
Material of money
Counterfeit money is usually nylon, so it does not have the characteristic elasticity and durability of real money; when grasping the note in the palm of the hand and opening it, it will not be elastic to its original state as before; When pulling, slightly tearing at the edge of the banknote will be easily stretched and torn.
Check shadow silhouette, positioning shape
In counterfeit money, the silhouette (left front or back right side of the bill) is only a simulation image; unsophisticated; the positioning pattern (left front, right back of the bill, or top right of front, top left of the back of the bill) does not fit properly; uneven white slots.
Check the hidden image on the small window
The plastic background detail is transparent and placed at the top left of the front or the top right of the back of the bill. When bringing the small window close to the eye, looking through the window to the appropriate light source, we do not see the image appearing around the light source. No hidden shape elements.
Check out the embossed elements
We only have a smooth feeling or a feeling of hand ripples, but there is no buoyancy, or roughness like real money in the following positions: Portrait of President Ho Chi Minh; National emblem, denomination in numbers and words; the words “SOCIALIST REPUBLIC OF VIETNAM”.
How is counterfeit money handled by law?
Law on handling counterfeit money in Circular No. 28/2013/TT-NHNN:
Individuals and legal entities are responsible for timely handing over counterfeit money, and notifying the police or border guards; the nearest customs office of prohibited currency violations.
Accordingly, the State Bank, credit institutions; The State Treasury, etc. must make a seizure record; If detecting suspected counterfeit money, it must make a record of temporary seizure and promptly notify the nearest police agency.
- Counterfeit money is money that has not been determined to be real or fake.
- The State Bank shall publicly announce the characteristics of counterfeit money; appear in circulation to agencies, units, and economic organizations; socially and personally known then.
- If the Ministry of Public Security organizes an assessment when detecting and seizing counterfeit money; money is destroyed, temporarily confiscated money suspected of counterfeiting; money is suspected of being destroyed, or upon receipt of a request for assessment from a legal entity then.
- After the conclusion of the assessment, the money will be confiscated; if it is determined to be counterfeit money or return to the relevant individual or legal entity if it is not counterfeit then.
- When detecting counterfeit money in cash transactions with customers, banks,…
Thus, not only the fines for using counterfeit money are regulated; but also detail the process of dealing with counterfeit money after collecting it.
Penalties for using counterfeit money
Criminal responsibility
Depending on the seriousness of the violation, the criminal shall be subject to criminal penalties for this act:
- Firstly, Those who make, store, transport, or circulate counterfeit money; shall sentence to between 3 and 7 years of imprisonment.
- Secondly, The offender in the case of counterfeit money is worth from 5,000,000 VND to under 50,000,000 VND respectively; shall sentence to between 5 and 12 years of imprisonment.
- Thirdly, The offender in the case of counterfeit money is equivalent to VND 50,000,000 or more; shall sentence to between 10 and 20 years of imprisonment or life imprisonment.
- Finally, The person who is about to commit this crime; shall be sentenced to non-custodial reform for up to 3 years or a prison term of between 1 and 3 years.
Administrative penalties for using counterfeit money
In addition to being criminally responsible; the offenders may be subject to an administrative fine of between VND 10,000,000 and 100,000,000; or have all or part of their property confiscated under the 2015 Penal Code, as amended and supplemented in 2017.
Regulations on collection and destruction of counterfeit money
Regarding the collection and destruction of counterfeit money; specified by law in Circular 28/2013/TT-NHNN
The State Bank shall organize the collection of counterfeit money handed over by organizations and individuals. The State Bank shall organize the destruction of counterfeit money according to the same regulations as for unqualified money for circulation. The destruction of counterfeit money in exhibits of criminal cases shall comply with the provisions of the Criminal Procedure Code
Consulting service of LSX Lawfirm
Above is LSX Lawfirm’s advice on the content of the problem “Penalties for using counterfeit money in accordance with Vietnamese law“. And all the above knowledge to use in work and life. If you have any questions and need more advice and help, please contact the hotline for the reception. Lawyer X is a place that provides reputable and fast business services at reasonable prices. Customers will be extremely satisfied when using our services.
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Related questions
Accordingly, to the provisions of the Penal Code 2015, as amended in 2017, the penalties for forging documents are as follows:
– Firstly, Impose non-custodial reform for up to 3 years or imprisonment from 6 months to 3 years.
– Secondly, Imprisonment from 2 years to 7 years
– Thirdly, Imprisonment from 7 years to 15 years
– Finally, Imprisonment from 12 to 20 years or life imprisonment.
Those who commit the crime of forging goods sale and purchase contracts will have to bear the following penalties: – Imprisonment from 6 saints to 3 years.
– Firstly, Imprisonment from 2 years to 7 years.
– Secondly, Imprisonment from 7 to 15 years.
– Thirdly, Imprisonment from 12 to 20 years or life imprisonment.
In addition, criminals are subject to administrative sanctions and other additional penalties.
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