At its weekly meeting Thursday, the Cabinet passed draft amendments to the Money Laundering Control Act to strengthen internal audits and controls within various industries while creating a more comprehensive anti-money laundering regime for Taiwan.
Premier Lai Ching-te said the amendments will also prepare the nation for the third round of mutual evaluations by the Asia/Pacific Group on Money Laundering this November, which represents the best opportunity for Taiwan to demonstrate adherence to international anti-money laundering standards. Passing the evaluations will require continued efforts on multiple fronts, but will provide a significant boost for local firms that have international business dealings.
The amendments, drafted by the Ministry of Justice, will be forwarded to the Legislature for deliberation.