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(Jul 02, 2008) According to the U.S. Department of State, "Taiwan's modern financial sector and its role as a hub for international trade make it susceptible to money laundering." (Volume II: Money Laundering and Financial Crimes, Country Reports, INTERNATIONAL NARCOTICS CONTROL STRATEGY REPORT – 2008, Mar. 2008, http://hongkong.usconsulate.gov/ustw_narcos_2008022903.html.) On June 11, 2008, an amendment to Taiwan's Money Laundering Prevention and Control Law was promulgated. The revised article 3 lists seven additional crimes deemed to be serious crimes (chung ta fan tsui) under the Law and also lowers the threshold – from NT20 million (about US$658,000) to NT5 million (about US$165,000) – above which the derivation of criminal proceeds from certain crimes will constitute a serious crime. The seven additional serious crimes include relevant offenses found in provisions of the Agricultural Finance Law, the Bills Finance Management Law, the Insurance Law, the Financial Holding Company Law, the Trust Companies Law, the Credit Cooperative Societies Law, and the Money Laundering Law itself (in connection with art. 11, para. 3, on the crime of materially aiding terrorist organizations or activists of those organizations, recognized or being investigated as such by international money laundering prevention and control organizations). (Amendment to Money Laundering and Prevention Control Law, 6805 THE GAZETTE OF THE OFFICE OF THE PRESIDENT 2-4 (June 11, 2008), GLIN ID 206111, http://content.glin.gov/summary/206111; Hsi ch'ien fang chih fa, TSUI HSIN SHIH YUNG LIU FA CH'ÜAN SHU 577 (Taipei, Tawei Press, 2007).)

The Taiwan Ministry of Justice's Bureau of Investigation, using the designation "Money Laundering Prevention Center, Taiwan," joined the informal, international anti-money laundering and anti-terrorist financing organization, the Egmont Group of Financial Intelligence Units, in 1998. (Drafts to Money-Laundering Law Pass Reading, THE CHINA POST, June 5, 2007 [re the 2007 amendments], available at http://www.chinapost.com.tw/taiwan/111484.htm.)

Author: Wendy Zeldin More by this author
Topic: Money laundering More on this topic
Jurisdiction: Taiwan More about this jurisdiction

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Last updated: 07/02/2008