Detail

THE MINISTRY OF CONSTRUCTION
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SOCIALISTREPUBLICOF VIET NAM
Independence - Freedom - Happiness
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No. 12/2011/TT-BXD

Hanoi, September 01, 2011

 

CIRCULAR

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:

Chapter I

GENERAL PROVISIONS

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.

Chapter II

ANTI-MONEY LAUNDERING MEASURES

Article 4. Internal anti-money laundering regulations

 

 

  FOR THE MINISTER OF CONSTRUCTION
DEPUTY MINISTER
(Singed and seal)
Nguyen Tran Nam

 (This translation is for reference only)

Source : VietnamIndustry and Trade Information Center - Ministry of Industry and Trade

Number 12
Symbol 2011/TT-BXD
Issue date 1/9/2011
Effective date 15/10/2011
Expired Date null
Signer Nguyen Tran Nam
Descriptions Circular No. 12/2011/TT-BXD of Ministry of Construction 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.
Office Ministry of Construction
Type of Document Circular
Field Housing and Real Estate Market
File: No. 12-2011-TT-BXD.doc