In accordance with the Joint Circular No. 07/2015/TTLT-TTCP-NHNN dated November 25, 2015 by the Government Inspectorate and the State Bank of Vietnam guiding the account blockade of inspected entities; only if the inspected entity is suspected to hide the property or disobey the decision on confiscation of cash or property, the inspected entity’s account shall be blocked.
Within that, the inspected entity’s acts are suspected as hiding property including transferring or preparing to transfer their money to other accounts with unclear purposes, contents and recipients; transferring right to ownership and/or right to enjoyment of property such as donation, mortgage, pledge, destruction or changes in status of property and falsifying accounting records.
Decision on blockade account shall be sealed by the inspection authority that releases the decision on inspection. The decision on blockade account shall specify the number of account, purposes of blockade, the scope of blockade; the amount of blocked cash, the starting time of blockade, the duration of blockade and responsibility of implementation of the credit institution and other information (if any).
This Circular takes effect on January 10, 2016.
