Taiwan’s Legislative Yuan passed amendments to the Fraud Crime Hazard Prevention Act Dec. 30, highlighting government commitment to combatting fraud by increasing penalties, accelerating termination of fraudulent transactions and enhancing victim protection.
According to the Ministry of the Interior, the amendments lower the threshold for high-value fraud to NT$1 million (US$31,963.5). Fraud involving NT$1 million or more now carries prison terms of 3 to 10 years, while fraud involving more than NT$100 million carries a minimum sentence of seven years, the ministry said. If any scam syndicate recruits teenagers, people over 80-years-old or foreign nationals, syndicate members will face a 50 percent increase in their sentence, it added.
The MOI went on to say that financial institutions and virtual currency operators will strengthen their mutual inquiries and mechanisms, including joint fraud prevention notifications and establishment of cross-institutional technical analysis platforms to speed up blockage of illegal cash flows, the MOI said. Under the legislation, judicial and police authorities become authorized to cooperate with relevant institutions to intercept suspected victims and reduce potential property losses, it added.
To further protect victims, offenders who turn themselves in must first pay the full amounts agreed by both sides within six months of surrender, and after that the court may consider reducing or waiving their sentences, the MOI said. Amendments include that sentences may take into account extravagant spending and if this occurs before victims are fully compensated or settlement amounts have been paid.
The ministry will discuss supporting measures with relevant authorities as soon as possible to implement the amendments, the MOI said. It will also collaborate with the private sector to strengthen technical and legal fraud prevention measures to protect property and security, the ministry added. (YCH-E)
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