The Executive Yuan on Thursday approved draft amendments to the Fraud Crime Hazard Prevention Act. Premier Cho Jung-tai stated that combating fraud is one of the government's key policy priorities. Although statistics indicate a downward trend in the number of fraud cases, total monthly financial losses from fraud still amount to billions of NT dollars. The premier instructed his administrative team to remain vigilant, stay prepared and continue strengthening anti-fraud efforts.
The Fraud Crime Hazard Prevention Act was originally promulgated on July 31, 2024. The newly proposed amendments focus on strengthening collaborative mechanisms between judicial police authorities, financial institutions and virtual asset service providers (VASPs); expanding the scope and severity of penalties for high-value property crimes; improving compensation for victims; and factoring a perpetrator's extravagant spending into sentencing decisions.
Premier Cho said that the bill will be submitted to the Legislative Yuan for deliberation, and instructed the involved ministries and agencies to actively engage with all legislative caucuses to facilitate the swift completion of the legislative process.