Is photocopied money legal?

Article 3 of Decision 130/2003/QD-TTg stipulates the following prohibited acts:

- Making counterfeit money, transporting, storing, circulating, buying and selling counterfeit money.

- Destroying Vietnamese currency in any form.

- Photocopying Vietnamese currency for any purpose without prior written approval of the State Bank.

- Refuse to receive and circulate currency issued by the State Bank within the territory of Vietnam.

According to current regulations, the act of photocopying money is strictly prohibited. Therefore, photocopied money is illegal.

Photocopying money is considered illegal. (Illustration photo)

How is the use of counterfeit money punished?

Article 31 of Decree No. 88/2019/ND-CP on administrative sanctions for violations in the monetary and banking sector stipulates as follows:

First, a warning penalty for one of the following violations:

- Failure to promptly notify the competent authority when discovering new types of counterfeit money;

- Failure to promptly notify competent authorities when detecting signs of storing, circulating or transporting counterfeit money;

- Arrange for staff to work as cashiers, tellers or tellers who have not been trained in the skills to recognize real and counterfeit money;

- Failure to hand over counterfeit money as required by law

Second, a fine of 5 to 10 million VND for one of the following violations:

- Detect counterfeit money but do not confiscate it

- Detected suspected counterfeit money but did not detain it

- Not making a record or seizing counterfeit money, not stamping or punching holes according to regulations on handling counterfeit money when seizing counterfeit money or temporarily detaining suspected counterfeit money.

In addition, additional penalties and remedies are also applied as follows:

- Confiscate all exhibits and means of committing the above violations and hand them over to competent authorities for handling;

- Forced stamping and punching of counterfeit money in accordance with the State Bank's regulations on handling counterfeit and suspected counterfeit money;

- Forced destruction of all exhibits and means used to commit the violation

- Forced to pay into the state budget the illegal profits obtained from committing the violation.

Notably, the act of making, storing, transporting, and circulating counterfeit money can be criminally punished with imprisonment from 03 years to 20 years or life imprisonment, depending on the value, nature and severity of the violation. Offenders can be fined from 10 to 100 million VND or have part or all of their property confiscated.

Lagerstroemia (synthesis)

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