Taiwan removed from international money-laundering watchlist

2017/07/28

Taiwan has been removed from a watchlist of countries deemed lacking in anti-money laundering controls, underscoring the effectiveness of government efforts in combating financial crimes as well as the nation’s commitment to complying with international standards, the Ministry of Justice announced July 26.

The Asia/Pacific Group on Money Laundering, a regional body of the intergovernmental organization Financial Action Task Force on Money Laundering, removed Taiwan from its “transitional follow-up list” July 20 during the group’s annual meeting July 17-21 in Sri Lanka.

A founding member of APG, Taiwan received a positive review in 2001 in the group’s first round of mutual evaluations. During the second round in 2007, however, the organization decided that the nation was not in full compliance with all international standards against money laundering and terrorist financing.

Following APG’s 2007 decision, Taiwan was relegated to the “regular follow-up list.” In 2014, the nation was placed on the “transitional follow-up list,” which covers jurisdictions that need to step up their efforts against money laundering.

The APG’s third round of evaluations is scheduled for November 2018, according to the Executive Yuan’s Anti-Money Laundering Office. Taiwan is the only jurisdiction to be removed from the 10-member “transitional follow-up list,” which includes Afghanistan, Brunei, the Philippines and Vietnam, the MOJ noted.

The nation has made considerable headway in tackling money laundering over the years, demonstrating the government’s commitment to implementing legislation to combat financial crimes, the MOJ said. Measures taken thus far include promulgating the Money Laundering Control Act in 1996 and Regulations Governing the Reporting of Transactions Above Certain Amounts and Suspected Money Laundering Transactions by Jewelry Stores in 2011.

According to the AMLO, the most recent amendments to the Money Laundering Control Act took effect in June. The revisions were aimed at boosting Taiwan’s anti-money laundering capabilities, enhancing capital flow transparency, removing hurdles to prosecuting money laundering cases and strengthening international collaboration in related areas.

The AMLO was also established in March with the primary goals of recruiting experienced private and public sector talents, raising public awareness of the importance of anti-money laundering efforts and preparing the nation for the upcoming third round of APG evaluations.

Source: Taiwan Today (http://taiwantoday.tw/news.php?unit=10&post=119066)