HOW WILL PEOPLE WHO CIRCULATE COUNTERFEIT MONEY BE PUNISHED?

Table of Contents:

1. What is counterfeit money? How to identify counterfeit money?

1.1 What is counterfeit money?

1.2 How to identify counterfeit money?

2. How will people who circulate counterfeit money be punished?

1. What is counterfeit money? How to identify counterfeit money?

1.1 What is counterfeit money?

Pursuant to Article 17 of the Law on the State Bank of Vietnam 2010, the regulations on the issuance of paper money and metal money in Vietnam are as follows:

“1. The State Bank is the sole agency issuing paper money and metal money of the Socialist Republic of Vietnam.

2. Paper money and metal money issued by the State Bank are legal means of payment in the territory of the Socialist Republic of Vietnam.

3. The State Bank ensures the supply of sufficient quantity and structure of paper money and metal money for the economy.

4. Paper money and metal money issued into circulation are “Debt” assets to the economy and are balanced by the “Account” assets of the State Bank.”

Accordingly, counterfeit money can be understood as money made to look similar to real money issued by the State Bank but not issued by the State Bank.

1.2 How to identify counterfeit money?

Based on the distinction method of the State Bank of Vietnam, the following are some ways to distinguish fake money from real money today:

– Check the polymer material used to print money:

Real money is printed on polymer material, which has high elasticity and durability. Therefore, you can check the elasticity by holding the money in the palm of your hand and when opened, the money will return to its original state as before holding; check the durability by pulling and gently tearing the edge (edge) of the money (note: do not pull or tear the mony in the torn position) it will be difficult to tear and stretch.

Counterfeit money is mainly printed on nylon so it does not have the characteristic elasticity and durability of real money. When holding the bill in the palm of your hand and opening it, it will not return to its original state as before holding it; when pulling or tearing lightly at the edge (edge) of the bill, it will easily stretch or tear.

– Examine the bill under a light source, check the watermark and the positioning image:

Watermark (left side of the front or right side of the back of the bill): clearly visible from both sides of the bill, shown by many delicate and bright white lines. For denominations from 20,000 VND to 500,000 VND, there is a portrait of President Ho Chi Minh; for denominations of 10,000 VND, there is an image of the One Pillar Pagoda.

Positioning image (VND 10,000, VND 20,000: upper left of the front or upper right of the back of the bill; VND 50,000-500,000: upper right of the front or upper left of the back of the bill): the image on both sides fits together, forming a complete image, the white slots are even.

In counterfeit money, the watermark is just a simulated image, not sophisticated; the positioning image does not fit together, the white slots are uneven.

– Gently stroke the front of the bill, check the embossed elements:

At the positions with embossed elements, you will feel the raised, roughness of the print, such as: Portrait of President Ho Chi Minh, National emblem, denomination in numbers and in words, the words “SOCIALIST REPUBLIC OF VIETNAM”.

Counterfeit money only feels smooth or feels rough but does not have the raised, rough texture of real money.

– Tilt the bill, check the color-changing ink (OVI), iriodin strip:

The color-changing ink is only available in 3 denominations of 500,000 VND, 200,000 VND and 100,000 VND (500,000 VND, 200,000 VND: bottom left; 100,000 VND: top right of the front of the bill). When tilting the bill and observing, you will see the color-changing ink change from yellow to green or vice versa.

The iriodin strip is only available in denominations of 500,000 VND, 200,000 VND, 100,000 VND, 20,000 VND and 10,000 VND, is a yellow strip running along the bill and located on the back of the bill; The 100,000 VND denomination is located on the front of the bill. When tilting the bill, you will see a metallic iriodin strip, with the denomination number or pattern on the strip.

In counterfeit money, there is a counterfeit OVI element but it does not change color, or it changes color but it is not the same color as on real money; there is no iriodin strip or it is counterfeit but it does not sparkle like on real money.

– Check the hidden image element (DOE) in the small window:

The small window is only available in 4 denominations of 500,000 VND, 200,000 VND, 100,000 VND and 50,000 VND, it is a transparent plastic background detail and is located on the upper left side of the front or upper right side of the back of the bill. When you bring the small window close to your eyes, look through the window to a suitable light source (can be a flame, incandescent bulb, street light, phone flash) and you will see the image appear around the light source. Note that for old bills, the small window often has many scratches, which will affect the quality of the image. In counterfeit money, there is no hidden image element in the small window.

2. How will people who circulate counterfeit money be punished?

Pursuant to Article 207 of the Penal Code 2015, amended and supplemented in 2017, the Crime of making, storing, transporting, and circulating counterfeit money is stipulated as follows:

Article 207. Production, storage, transport of counterfeit money

1. Any person who produces, stores, or transports counterfeit money shall face a penalty of 03 – 07 years’ imprisonment.

2. If value of counterfeit money is from VND 5,000,000 to under VND 50,000,000, the offender shall face a penalty of 05 – 12 years’ imprisonment.

3. If value of counterfeit money is VND 50,000,000 or over, the offender shall face a penalty of 10 – 20 years’ imprisonment or life imprisonment.

4. A person who prepares for the commission of this offence shall face a penalty of up to 03 years’ community sentence or 01 – 03 years’ imprisonment.

5. The offender might also be liable to a fine of from VND 10,000,000 to VND 100,000,000 or have all or part of his/her property confiscated.

Accordingly, a person who stores counterfeit money may face the highest penalty of life imprisonment in cases where the counterfeit money has a corresponding value of 50,000,000 VND or more. In addition, the offender may also be fined from 10,000,000 VND to 100,000,000 VND or have part or all of his/her property confiscated.