TAIWAN’S FIRST-EVER REPORT ON MONEY LAUNDERING HIGHLIGHTS 9 DEFECTS

The Taipei Times in its 3rd May edition reported that Taiwan’s national assessment report on money laundering and terrorism financing has identified the areas where the nation could do more to prevent money laundering.  The report identified trafficking in narcotics, fraud, organised crime, corruption, smuggling, securities crimes, third-party money laundering, tax evasion and intellectual property crimes as the 9 major areas where improvement was needed.  China, Hong Kong, Macau and Malaysia are the top 5 destinations in terms of criminal gains, while the Philippines, Indonesia and Vietnam came next, the report said.  China, Hong Kong, Macau, Vietnam and the Philippines are the top 5 countries in terms of incoming criminal cash flow.  37 government agencies and 31 private sector groups collaborated on the report, which is aimed at preparing the government for the Asia Pacific Group on Money Laundering (APG) meeting in November.

http://www.taipeitimes.com/News/taiwan/archives/2018/05/03/2003692435

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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