Can Tho Police confirm hefty fine for illegal U.S. dollar exchange

By Huynh Kim
Wednesday,  Oct 24, 2018,19:46 (GMT+7)

Senior Lieutenant Colonel Tran Van Duong speaks at a press briefing, held today in Can Tho City, following the imposition of a hefty fine on an illegal money change – PHOTO: HUYNH KIM

CAN THO – A representative of Can Tho City Police confirmed to the local media at a press briefing held today, October 24, that a hefty fine imposed on a resident who exchanged a US$100 bill for Vietnamese dong was in full compliance with prevailing regulations.

Addressing the meeting, Senior Lieutenant Colonel Tran Van Duong, spokesman of the municipal police agency, said that the police agency has strong evidence in the case against Nhan Dat Jewelry Thao Luc Commercial Manufacturing Co., Ltd, and Nguyen Ca Re, a resident of An Hoa Ward, Ninh Kieu District, who stand accused of conducting unlicensed foreign exchange activities.

In addition, the police agency had proposed the municipal chairman levy a fine on the violators in line with prevailing regulations.

Duong added that the jewelry outlet and Re had admitted their violations during an investigation.

In particular, Re was caught in the act of exchanging the US$100 bill for VND2.26 million at the outlet in the district’s Cai Khe Ward by the municipal economic police at around 11:15 a.m. on January 30. The outlet conducted the exchange without a license from competent authorities, according to Duong.

Consequently, Re received a hefty fine of VND90 million (some US$3,900), while the money he received in the exchange was confiscated based on Clause 3, Article 24, under Decree 96/2014 issued by the Government, stipulating punishments for violating administrative regulations on currencies and banking.

Meanwhile, the authorities confiscated the US$100 bill from the store and imposed a fine of VND295 million, based on Clause 3, Article 24, under the decree. Apart from that, 20 diamonds and 19,910 artificial stones with a total value of some VND540 million was confiscated from the store for committing violations involving trading and manufacturing counterfeit and banned products.

Regarding the hefty fine imposed on Re, who reportedly cannot pay the fine as he works as an electricity worker with a monthly income just above VND3 million, Duong expressed his own viewpoint, noting that a fine reduction or exemption should be considered. In particular, Re can write to the municipal government, requesting a fine reduction or exemption as he faces financial difficulties, Duong suggested.

* Đã đăng Saigon Times Daily 24-10-2018:

https://english.thesaigontimes.vn/63642/can-tho-police-confirm-hefty-fine-for-illegal-us-dollar-exchange.html