The Anti-Money Laundering Office was recently launched in Taipei City, signaling the commitment of the government to further cracking down on financial crime and strengthening Taiwan’s related regulatory regime in line with international standards.
Established under the Executive Yuan, the office has three main goals: recruit experienced private and public sector talents, prepare the country for the upcoming third round of evaluations by the Thailand-headquartered Asia/Pacific Group on Money Laundering and raise public awareness of the importance of anti-money laundering.
Premier Lin Chuan said during the launch ceremony March 16 that in addition to controlling and coordinating anti-money laundering efforts of all government agencies, the office will draw up a roadmap for building a more healthy, orderly and transparent financial environment in Taiwan.
“Effectively fighting financial crime bolsters Taiwan’s reputation in the international arena, creates more space for its companies to operate and sets an example for other nations in the Asia-Pacific to follow.
“The government welcomes regular financial business activities,” he said, adding that anti-money laundering laws protect legitimate transactions and are an achievement the country and its people can be proud of.
According to the Ministry of Justice, the office will also lead a review of anti-money laundering policies and programs worldwide, as well as assess the feasibility of promoting cashless transactions as a way of discouraging large cash transactions.
Taiwan has made considerable headway over the years in combatting money laundering. This includes promulgating the Money Laundering Control Act in 1996 and Regulations Governing the Reporting of Transactions Above Certain Amounts and Suspected Money Laundering Transactions by Jewelry Stores in 2011.
Additional initiatives in the pipeline encompass recent changes to Money Laundering Control Act, which take effect in June, as well as amending the Company Act, drafting an international mutual judicial assistance legislation and promoting a juristic persons bill, according to the MOJ. (JSM)
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