Money Laundering Control Act amendments to take effect

Amendments to the Money Laundering Control Act will take effect June 28, underscoring the Republic of China (Taiwan) government’s commitment to cracking down on financial crimes and tax fraud while maintaining orderly capital flows.

The revisions aim to boost Taiwan’s anti-money laundering capabilities, enhance capital flow transparency, remove hurdles to prosecuting money laundering cases and strengthen international collaboration in related areas, according to the Anti-Money Laundering Office under the Executive Yuan.

Up to 19 sublaws drafted by the Ministry of Justice and other agencies are also expected to be ready for rollout alongside the amendments. These pertain to accountants, attorneys, border control officials, financial institutions, jewelers, land administration agents, public notaries, politically exposed persons and real estate agents.

Premier Lin Chuan said June 22 that the measures will bring the nation’s financial system more in line with global standards and eliminate possible barriers to the further development of industry and foreign trade. It is imperative all relevant agencies fast-track drafting of support initiatives and raise public awareness of the changes so as to ensure smooth implementation, he added.

According to Lin, the measures are particularly significant as Taiwan is readying for the third round of mutual evaluation by the Asia / Pacific Group on Anti-Money Laundering (APG) next year.

All government agencies involved in the process are coordinating with the AMLO in reviewing respective mechanisms and regulations, he said, adding that this includes drafting bills on foundations and international mutual assistance in criminal justice, as well as amending the Company Act.

Taiwan, a founding member of the Australia�based APG, received a positive evaluation in 2001 but was added to the regular follow-up list in 2007 and the reinforced list in 2011. APG has conducted two rounds of evaluations since its establishment in 1997.

According to the AMLO, no effort has been spared since its launch March 16 in coordinating national policy guidelines and monitoring preparations for the upcoming assessment. It is hoped APG will find Taiwan’s legal and institutional framework is meeting set outcomes, and levels of compliance are in keeping with international standards.

Source: Taiwan Today