Premier promotes new money-laundering control regime

  • Date: 2017-06-22
  • Source: Department of Information Services, Executive Yuan

Premier Lin Chuan said today that new regulations will enter into force on June 28 that significantly strengthen Taiwan’s ability to counter money laundering and control money flows.   

In remarks following a briefing by the Executive Yuan’s Anti-Money Laundering Office on a major offensive against money laundering activities, the premier also said that Taiwan should make every effort to prepare for the third round of mutual evaluations by the Asia/Pacific Group on Money Laundering, scheduled for next year. He therefore requested that government agencies cooperate with the office to speed up reviews, improve existing mechanisms, and work to enact laws governing both cross-border mutual legal assistance for criminal cases and incorporated foundations. He also requested that the Ministry of Economic Affairs complete drafts of Company Act amendments as soon as possible to improve the existing legal regime and ensure that Taiwan performs its best in the evaluations.
The Anti-Money Laundering Office said the amended Money Laundering Control Act was promulgated on December 28 last year and will enter into force on June 28 this year. The amendments will increase the likelihood of criminal prosecutions for money laundering, increase transparency to make it easier to track money flows, and strengthen overall money laundering control capabilities while enhancing international cooperation.

To support the new money laundering control measures, the Judicial Yuan and other government agencies have already drafted 19 pieces of secondary legislation. Except for the establishment of a money laundering prevention fund, legal procedures for the remaining secondary legislation can be completed before the implementation date, and will include provisions covering financial institutions, businesses dealing in jewelry, land administration agents and real estate brokers, lawyers, notaries, accountants, border control personnel and politically exposed persons.

To bolster the professional capabilities of evaluation teams, the Anti-Money Laundering Office has already assessed Taiwan’s money laundering countermeasures based on the 40 Recommendations of the global Financial Action Task Force, guiding all ministries and government agencies to make sure their regulatory requirements and mechanisms are ready. The office also plans to hold two simulated mutual evaluation seminars, scheduled for December of this year and April of next year, to harmonize with international trends, expand exchanges and ensure Taiwan’s best performance on the evaluation.