Managing the activities of non-profit organizations for the prevention of money laundering and terrorist financing

Tài chính

In managing the operations of non-profit organizations, avoiding the abuse of these organizations in money laundering and terrorist financing or other criminal activities, Article 19 of the Law on Prevention of Money Laundering :

“first. Non-profit organizations established or operating in Vietnam must maintain and update the dossiers with full information on organizations and individuals; receiving organizations and individuals; the amount of funding and the purpose of using the grant.

2. Dossiers prescribed in Clause 1 of this Article must be archived and supplied to competent state agencies when so requested. ”

Article 12 of Decree No. 116/2013 / ND-CP introduced the concept of non-profit organization in line with current legal documents. Accordingly: “A non-profit organization is a legal entity or organization whose principal activity is the mobilization or allocation of funds for charitable, religious, cultural, educational, social or similar purposes, Not for profit purposes, including foreign non-governmental organizations, social funds, charitable funds established and operating under US law. ”

Clauses 2 and 3 of Article 12 of Decree 116 stipulate preventive measures to be taken by non-profit organizations to maintain and update information on sponsoring organizations and individuals:

– Information on donor organizations and individuals, including at least: full name; address; amount of funding;

– Information on organizations and individuals receiving financial support shall at least include: full name; address; amount of funding; financing method and purpose of using donor money.

Non-profit organizations must also keep these records for at least 05 (five) years from the time the grant or grant ends.

Decree No. 116 also provides that: Where a non-profit organization dissolves or terminates its operation, such file shall be handed over to the competent authority for licensing the establishment or operation of a non-profit organization. that is, the Ministry of the Interior (for non-profit organizations in the country) and the Ministry of Foreign Affairs (for non-profit organizations).

In addition, non-profit management agencies in the inspection and supervision activities; anti-money laundering office of the State Bank of the United States; The competent authorities in investigating, prosecuting or adjudicating may request these organizations to supply information if they deem necessary for the performance of their functions and tasks.

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