U.S. gives Taiwan unprecedented US$7 million from confiscated assets

Taipei, Aug. 13 (CNA) The U.S. Department of Justice sent Taiwan US$7 million derived from seized criminal proceeds in August, the first time such a transaction between the two countries has occurred, according to Taiwan's Ministry of Justice (MOJ).

The MOJ's Department of International and Cross-Strait Legal Affairs issued a press release Tuesday explaining the unprecedented sharing of forfeited assets between the United States and Taiwan.

In 2022, Taiwan for the first time sent assets confiscated in drug trafficking and money laundering cases worth US$16 million to judicial authorities in the United States in line with bilateral agreements between the two countries, according to the MOJ.

After deducting costs, the U.S. Department of Justice divided the remaining value on a 50-50 basis, sending Taiwan half the value of the seized assets in August and retaining the other half.

The sharing of the value of the confiscated assets involved negotiations between multiple agencies in the United States and Taiwan, including the U.S. State Department, the U.S. Department of Justice, the U.S. Department of the Treasury, the U.S. Department of Homeland Security, as well as Taiwan's Ministry of Foreign Affairs, the MOJ and the Taiwan Taipei District Prosecutors Office.

"This case is nothing less than outstanding evidence of the firm commitment of Taiwan and the United States to bilateral criminal-judicial mutual assistance," the MOJ said.

"It also concretely demonstrates Taiwan's determination and strength in combating cross-border money laundering crimes and shows that Taiwan actively provides substantial assistance to the international community."

The MOJ also said that the U.S. thanked Taiwan for "providing assistance" in the international cases.

This is the first time Taiwan and the United States have shared the proceeds of illegal assets seized in Taiwan under the Mutual Legal Assistance in Criminal Matters Act, the MOJ added.