萬國法律事務所

The amended Money Laundering Control Act became effective on June 28, 2017.

The goal of the amended Act is in part to coordinate with the amendments to the Regulations for Declaration of Foreign Currencies or Securities by Cross-Border Passengers or Service Crew on Board of Transport and for the Interagency Report by Customs, which requires people arriving into or departing from Taiwan holding foreign currency/ies, gold, and or securities of a value over a designated amount to declare the same to the authorities.

Additionally, Article 15 of the Money Laundering Control Act prohibits anyone from accepting, possessing, or using property or the benefits of said property without providing a reasonable account of the origin of such assets, and if a person's income is obviously low relative to the value of such assets. This prohibition is intended to regulate illegal account-borrowing.