TAIWAN: MONEY LAUNDERING AMENDMENTS PASS BEFORE EVALUATION OF AML/CFT REGIME

The Taipei Times in its 3rd November edition reported that, ahead of the Asia/Pacific Group on Money Laundering’s (APG) visit to Taiwan for its 3rd round of mutual evaluations, the parliament passed amendments to the Money Laundering Control Act which included an article stipulating a maximum fine of US$325,330 for firms that do not have an internal auditing mechanism, and the definition of financial institutions being broadened to include entities that engage in virtual-currency trading.  The evaluation team arrives on 5th November [nothing like leaving things to the last moment…].

http://www.taipeitimes.com/News/front/archives/2018/11/03/2003703518

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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