Taiwan’s first national report on money laundering, terrorist financing and risk assessment was released May 2 by the Cabinet-overseen Anti-Money Laundering Office.
Involving 37 government agencies, as well as 31 private sector associations and organizations, the report identifies potential criminal threats and sectors vulnerable to illegal activities. It fully complies with requirements set down by intergovernmental organization Financial Action Task Force, and serves as a valuable reference in policymaking and resource allocation.
Premier Lai Ching-te said the report underscores the government’s commitment to fighting financial crime and bringing local practices more in line with global standards. It is also expected to help build Taiwan into a regional role model in this regard, he added.
According to Lai, the report is central to government preparations for the third round of mutual evaluation by the Asia/Pacific Group on Money Laundering (APG) taking place in November.
Taiwan joined the APG as a founding member in 1997 on the strength of Asia-Pacific milestones like promulgation of the Money Laundering Control Act the year before. It received a positive review during the first round of APG mutual evaluations in 2001, but was found noncompliant and relegated to the regular follow-up list in 2007 and further downgraded to the enhanced follow-up list in 2011.
The report, along with establishment of the AMLO and raft of regulatory reforms, is one of many government initiatives aimed at rectifying this situation, Lai said. It is anticipated this approach has Taiwan on the fast track toward a more transparent and orderly financial environment, he added. (SFC-E)
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