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Taiwan's placement in top anti-money laundering category approved by APG


The Executive Yuan's Anti-Money Laundering Office (AMLO) indicated Sunday that the Asia/Pacific Group on Money Laundering (APG) approved Taiwan's placement in the "regular follow-up" category at the group's 22nd annual meeting held between August 18-23 in Canberra.

In fact, Taiwan was promoted to the most favorable category in a June 28 preliminary report issued by the APG this year following a third round of peer review. The recent news comes now that the group's 41 active members have agreed to adopt the APG's mutual evaluation report for Taiwan at the annual meeting, where AMLO and other ministries and agencies delivered an explanation of Taiwan's anti-money laundering efforts.

In the report, Taiwan achieved "substantial" ratings in seven of 11 measures (the standard is five or above) of effectiveness in combating money laundering. As for the 40 recommendations that make up the APG's technical compliance assessment, the country was rated "compliant" or "largely compliant" in 36 areas (the standard is 33 or above). These scores resulted in an upgrade to "regular follow-up" from Taiwan's 2011 placement on the group's "enhanced follow-up" list. The assessment report still needs to go through the APG's legally mandated processing before becoming final and official, which typically takes six working weeks.

The Executive Yuan established AMLO on March 16, 2017 to implement international anti-money laundering standards. Amendments were also made to the Money Laundering Control Act and nearly 100 related rules and regulations. By uniting the support of government, private industry and the public during three years of preparations and an almost year-long assessment process, the 37 government agencies and 31 industries involved proudly demonstrated the success of public-private cooperation in achieving the improved outcome for Taiwan.

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