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Taiwan must try harder to prevent money laundering: Premier Lai

2017/11/22 20:59:03

Taipei, Nov. 22 (CNA) Premier Lai Ching-te (賴清德) told his Cabinet on Wednesday that Taiwan has to boost its efforts against money laundering and must pass an upcoming evaluation by the Asia/Pacific Group on Money Laundering (APG).

At a press conference, Lai said Taiwan has not been trying hard enough to prevent money laundering, which has resulted in fines against international branches of Taiwanese banks.

Passing the APG's evaluation in 2018 will put Taiwan more in line with international standards on cash flow transparency, which in turn will benefit Taiwanese financial institutions and entrepreneurs that want to do business abroad, Lai said.

He said measures such as legal reforms and the establishment of an Anti-Money Laundering Office, which were results of efforts by his predecessor Lin Chuan (林全), had helped with Taiwan's removal from the APG's "transitional follow-up watchlist" in July.

As part of the efforts to secure Taiwan's removal from other APG lists, the government has proposed amendments to the Company Act that governs local businesses and will submit to a mock evaluation by APG members in early December.

Justice Minister Chiu Tai-san (邱太三) has expressed the hope that the mock evaluation help prepare Taiwan for the actual evaluation in November 2018.

In its first round of APG evaluations in 2007 after joining the group, Taiwan was placed on the regular follow-up watchlist but was demoted in 2011 to the enhanced follow-up list, and was only recently removed from the transitional follow-up watchlist after it was put on the list in 2014.

(By Ku Chuan, Liao Yu-yang and Kuan-lin Liu)