THE MINISTRY OF CONSTRUCTION
SOCIALISTREPUBLICOF VIET NAM
Independence - Freedom - Happiness
Hanoi, September 01, 2011
GUIDING SOME PROVISIONS IN DECREE NO. 74/2005/ND-CP OF THE GOVERNMENT DATED JUNE 7, 2005, ON PREVENTION AND COMBAT OF MONEY LAUNDERING IN REAL ESTATE BUSINESS
Pursuant to Law No. 63/2006/QH11 on Real Estate Business dated June 29, 2006;
Pursuant to Housing Law No. 56/2005/QH11dated November 29, 2005;
Pursuant to the Law Amending and Supplementing Article 126 of the Housing Law and Article 121 of the Land Law;
Pursuant to Decree No. 74/2005/ND-CP of the Government dated June 7, 2005, on money laundering prevention and combat;
Pursuant to Decree No. 153/2007/ND-CP of the Government dated October 15, 2007, detailing and guiding the Law on Real Estate Business;
Pursuant to Decree No. 71/2010/ND-CP of the Government dated June 23, 2010, detailing and guiding the Housing Law;
Pursuant to Decree No. 17/2008/ND-CP of the Government dated February 4, 2008, defining the functions, tasks, powers and organizational structure of the Ministry of Construction;
The Ministry of Construction guides the implementation of anti-money laundering measures in real estate business as follows:
Article 1. Scope of regulation
This Circular guides the implementation of anti-money laundering measures in real estate business.
Article 2. Subjects of application
This Circular applies to Vietnamese and foreign organizations and individuals engaged in real estate business, including:
1. Organizations and individuals trading in real estate or providing real estate services;
2. Organizations and individuals involved in real estate trading or real estate service provision.
Article 3. Interpretations of terms
In this Circular, the terms below are construed as follows:
1. Suspicious transaction means any abnormal transaction or incompatible transaction defined in Article 9 of this Circular and Article 10 of Decree No. 74/2005/ND-CP.
2. Reporting organization means a real estate trading floor; an organization or individual providing real estate brokerage services; or an organization or individual providing real estate management services.
3. Report on suspicious transactions means a report on suspicious transactions compiled and sent to competent state agencies by a reporting organization.
4. Great-value transaction subject to reporting means a transaction in cash (or in a foreign currency or gold of the same value) of a value subject to reporting under Clause 1, Article 9 of Decree No. 74/2005/ND-CP.
5. Beneficiary mean an organization or individual actually holding the control of or ownership rights to real estate; an organization or individual selling, buying or transferring, or contributing capital to, a real estate project; or a real estate project owner.
6. Competent state agencies include the Anti-Money Laundering Office under the Banking Inspection and Supervision Agency - the State Bank of Vietnam; the House and Real Estate Market Management Department - the Ministry of Construction; and provincial-level Construction Departments.
ANTI-MONEY LAUNDERING MEASURES
Article 4. Internal anti-money laundering regulations
FOR THE MINISTER OF CONSTRUCTION
(Singed and seal)
Nguyen Tran Nam
(This translation is for reference only)
Source : VietnamIndustry and Trade Information Center - Ministry of Industry and Trade