At the Cabinet's weekly meeting today, Premier Lin Chuan said the Executive Yuan's new Anti-Money Laundering Office will enhance Taiwan's ability to combat money laundering and aid Taiwan's performance in international evaluations.
Inaugurated today, the office combines the talent and experience of various government agencies to plan and integrate the nation's money laundering control policies and directions, as well as prepare Taiwan for the third round of evaluations by the Asia/Pacific Group on Money Laundering, a regional crime-fighting body.
After hearing the Ministry of Justice's (MOJ) report on the nation's anti-money laundering strategies, the premier asked government agencies to cooperate with the new office in strengthening money laundering prevention and bringing Taiwan's financial system closer in line with international norms.
In addition to performing well on the third-round evaluations scheduled for 2018, Taiwan should do as much as it can to promote the spirit, concepts and measures of the Money Laundering Control Act, the premier said. The government welcomes regular financial business activities and hopes people will understand that anti-money laundering laws are meant to protect legitimate transactions. Effective control of money laundering crimes is also an achievement that Taiwan can be proud of.
According to the MOJ, the results of the upcoming evaluations could have a considerable impact on Taiwan's overall ability to conduct financial business worldwide. The Executive Yuan therefore established the Anti-Money Laundering Office to coordinate Taiwan's anti-money laundering policy directions, assess Taiwan's money laundering risks, and promote regulatory mechanisms and policy implementation.
Domestically, the office will endeavor to improve the nation's effectiveness in fighting money laundering crimes. Externally, it will demonstrate Taiwan's resolve to fight financial crime, increase awareness of the nation's regulatory regime, build Taiwan's reputation around the world, and create more space for Taiwanese financial companies to operate in.
Much work remains to be done in promoting anti-money laundering legislation and implementing important policies, the MOJ continued. This includes drafting an international mutual judicial assistance bill, promoting a juristic persons bill, and amending the Company Act. Recent amendments to the Money Laundering Control Act have been approved and will take effect June 18, 2017. As for important policies, the government will study money laundering control efforts worldwide and consider promoting cashless transactions to discourage large cash transactions.