Cabinet approves bills against money laundering, terrorism financing

09/13/2018 07:03 PM

Taipei, Sept. 13 (CNA) The Cabinet on Thursday approved draft amendments to the Money Laundering Control Act and the Terrorism Financing Prevention Act, which aim to tighten supervision of financial and other institutions.

The amended Money Laundering Control Act introduces new fines for financial institutions and designated non-financial businesses or professions that violate the relevant regulations.

It stipulates that such institutions, businesses and professions must implement internal control and audit to prevent money laundering and terrorism financing.

Under the amendments, the institutions will also be required to prepare regular risk assessment reports on money laundering and terrorist financing.

Failure to establish the stipulated policies and procedures will result in a fine of between NT$500,000 (US$16,230) and NT$5 million on financial institutions, according to the amendment bill. For non-financial businesses or professions, the fine will be between NT$50,000 and NT$500,000, the bill says.

It defines designated non-financial businesses or professions as jewelry retail businesses, land administration agents, real estate agencies, lawyers, notaries and accountants, and trust and company service providers.

The two draft bills were approved at a Cabinet meeting as part of the government's preparations for the third round of evaluation by the Asia/Pacific Group on Money Laundering in November, according to Deputy Justice Minister Tsai Pi-chung (蔡碧仲).

(By Ku Chuan and Evelyn Kao)


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