The outcome of Taiwan's third round of mutual evaluation by members of the Asia/Pacific Group on Money Laundering (APG) has far-reaching effects on the overall future of Taiwan's financial sector. To ensure the nation passed the review, the government implemented a raft of measures, including establishing the Anti-Money Laundering Office under the Executive Yuan, tightening regulations against money laundering and terrorist financing, intensifying financial supervision, and cracking down on illegal money flows. The private sector, meanwhile, strengthened internal controls, regulatory compliance measures and other management mechanisms.
These efforts were rewarded. On October 2 this year, the APG officially published Taiwan's mutual evaluation report after completing all aspects of its review. Taiwan was promoted to the "regular follow-up" category, achieving the best possible outcome alongside several other Asia-Pacific member states. This recognition by the international community of the government and the private sector's work to promote anti-money laundering measures comes as welcome news.
Benefits of Taiwan's APG mutual evaluation success
◆ Taiwan's promotion to the most favorable category of "regular follow-up" attests that the nation meets global standards in terms of its legal framework, law enforcement and financial flow transparency. It also will have a constructive and far-reaching influence on the stability and sound development of Taiwan's financial order.
◆ This result positively affects foreign investors' assessment of the financial environment in Taiwan, and will bolster the nation's long-term economic and trade development. The strong performance also enables Taiwan to effectively strike at transnational crime, and facilitates Taiwan's substantive participation in international organizations.