Illegal cross-border remittance company raided: CIB
Taipei, Aug. 9 (CNA) The authorities recently raided an illegal cross-border payment and remittance company that has been remitting money to China, according to a press release issued by the Criminal Investigation Bureau (CIB) Thursday.
Despite not being authorized to remit money by Taiwan's Financial Supervisory Commission, the company has provided an online remittance platform for customers since 2016 and engaged in transactions worth more than NT$100 million (US$3.26 million), the statement said.
After months of collecting evidence and analyzing Internet Protocol (IP) addresses, the CIB Monday raided the company's premises and seized a computer server, five cell phones, a notebook computer and seven bankbooks. In addition, eight suspects were arrested including the group's leader, surnamed Tang (湯), the press release indicated.
The eight have been arrested for violating Article 29 of Taiwan's Banking Act which bans non-banking entities from handling domestic or foreign exchange transactions, the press release pointed out.
The suspects are also being investigated by prosecutors to determine whether they have assisted criminal organizations engage in cross-border money laundering or other crimes, the press release said.
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