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Official Gazette

Saturday, October 21, 2017

Inspected persons’ assets to be frozen

Updated: 15:21’ - 27/11/2015
The Government Inspectorate and the State Bank of Vietnam on November 25 jointly issued Circular No. 07/2015/TTLT-TTCP-NHNN, guiding the freezing of accounts of inspected agencies, organizations and individuals.

Accordingly, inspectors may freeze assets of people under inspection if having grounds to believe that these persons hide or disperse, or fail to hand over, their money and assets under recovery decisions issued by competent state inspectorates or management agencies in implementing inspection conclusions.

Under the Joint Circular, people authorized to decide on account freezing are heads of administrative or specialized inspection teams, and administrative or specialized inspection decision issuers.

These people will issue and send to credit institutions decisions on cancellation of account freezing if the inspected persons fully abide by money and asset recovery decisions within three working days, or the grounds for issuing such freezing decision no longer exist.

The Circular also prescribes the responsibilities of credit institutions and related agencies, organizations and individuals for providing account information of inspected subjects.

According to Government Inspector General Huynh Phong Tranh and State Bank Governor Nguyen Van Binh, this Joint Circular will create an important legal basis for inspectorates to request inspected subjects to abide by inspection decisions, thus avoiding asset loss and dispersal and improving the effectiveness of inspection.

The new regulations will take effect on January 10, 2016.- 
 

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