Taiwan, St. Lucia sign pact on financial intelligence cooperation

2017/01/12

The Republic of China (Taiwan) and St. Lucia finalized a memorandum of understanding on cooperation in tackling money laundering, cross-border financial crimes and terrorism funding Jan. 9 at the ROC Embassy in the Caribbean nation.

Titled the Memorandum of Understanding Concerning Cooperation in the Exchange of Financial Intelligence Related to Money Laundering, Associated Predicate Offences and Terrorism Financing, the accord went into effect immediately after it was signed by Paul Thompson, director of St. Lucia’s Financial Intelligence Authority. Lee Hung-jin, head of the Anti-Money Laundering Division of the Ministry of Justice’s Investigation Bureau, inked the pact on behalf of the ROC government in Taipei City Nov. 22 last year.

According to ROC Ambassador to St. Lucia Ray H. W. Mou, who presided over the signing ceremony, the agreement is the first of its kind that St. Lucia has inked with an Asian nation and marks a major milestone in bilateral cooperation.

“This MOU will not only serve to deter money laundering and terrorism financing, but will also play a positive role in encouraging reliable capital flows and investment between the two diplomatic allies,” he said.

The pact is in line with the goals of the Egmont Group, an informal network of national financial intelligence units including those from Taiwan and St. Lucia, the embassy said. The group aims to facilitate cooperation in the fight against money laundering and terrorism financing as well as bolster the implementation of domestic programs to this effect.

Both nations’ FIUs have cooperated at Egmont Group meetings and recognize the importance of bilateral collaboration in preventing cross-border financial crimes, the embassy added.

Source: Taiwan Today (http://taiwantoday.tw/news.php?unit=6&post=107000)