2017-03-27
Anti-Money Laundering Office Launched by the Executive Yuan
Last year, the Mega International Commercial Bank's New York branch was fined NT$ 5.7 billion (US$180 million) by the New York State's Department of Financial Services (DFS) for violating U.S. money laundering regulations. To combat money laundering in Taiwan, the Legislative Yuan passed amendments to the Money Laundering Control Act last year, which will take effect on June 28, 2017, whereas the Executive Yuan set up its inter-ministerial anti-money laundering office on March 16, 2017 to improve Taiwan’s ranking by the Asia/Pacific Group on Money Laundering.
Deputy Justice Minister Pi-Chung Tsai serves as the director, and officials from Ministry of Economic Affairs, Ministry of Interior, Ministry of Finance, Central Bank, and Investigation Bureau will staff the office. According to Tsai, the office will announce a list of politically exposed persons (PEPs) to be monitored. Financial institutions will be required to reinforce examination on such PEPs, as well as their family members, close associates or other related parties. In addition, the monitoring period for a retired PEP will possibly be indefinite.
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