The government has announced that it will set up an anti-money laundering office.
During a legislative hearing Wednesday, Premier Lin Chuan said that countries around the world increasingly value cash flow transparency. He said that Taiwan's progressive society has high standards when it comes to preventing corruption, and that preventing money laundering has become a necessity.
At the same legislative hearing, Justice Minister Chiu Tai-san spoke about Taiwan's poor performance in a 2011 report by the Asia Pacific Group on Money Laundering (APG) In the report, the APG put Taiwan on its third-level warning list. Other countries in the same category included Afghanistan, Myanmar, and Laos.
The APG's next evaluation of Taiwan is due in 2018. The justice minister said that another bad score could see restrictions placed on Taiwanese financial institutions' overseas operations.
The new anti-money laundering office will enforce new justice ministry regulations designed to prevent financial crimes in the future.
Source: Radio Taiwan International
Comments Off on Taiwan expected to report further export fall for August
Comments Off on Solomon Islands hopes decision on ties with Taiwan by Sept. 21
Comments Off on Taiwan national fined heavily for bringing in pork products
Comments Off on NTU ranked 120th best university in the world
Comments Off on Universities pledge to maintain HK protesters’ student status
Comments Off on Taiwan shines at international WorldSkills Competition