Financial Crime World

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Court Fails to Issue Order to Halt Money Laundering Case

A court has failed to issue an order to halt a money laundering case despite the prosecutor’s failure to apply for such an order within three days of the action. The case, which involves allegations of illegal activities, is now expected to proceed without any intervention from the court.

Relevant Laws and Penalties

  • Under Article 14 of the Money Laundering Prevention Act, anyone involved in money laundering activities can be sentenced to imprisonment of up to seven years and a fine of up to NT$5 million.
  • Those who accept, possess, or use property or benefits without a reasonable account of their origin may also face punishment.

Other Relevant Provisions

  • Article 15-1 of the Act states that individuals who collect others’ account details without justifiable cause and engage in certain activities can be punished with imprisonment of up to five years and/or a fine of up to NT$30 million.
  • The article also criminalizes attempts to commit such offenses.
  • Article 16 of the Act provides that legal persons whose representatives or employees commit money laundering offenses may also face punishment.
  • Offenders who confess during investigation or trial may have their punishment reduced.

Extension of Action

  • Article 13 of the Criminal Procedure Code states that if an extension of action is deemed necessary, the prosecutor can apply for a ruling from the court with specific reasons included, not later than five days before the expiration of the period.
  • The extension may not exceed six months and only one extension will be granted at most.

International Cooperation

  • Article 21 of the Act also provides for international cooperation in preventing money laundering.
  • The government has entered into treaties or agreements with foreign governments and international organizations to combat this type of crime.

Interlocutory Appeal

  • Article 128 of the Criminal Procedure Code governs interlocutory appeals in cases where a court order is found disappointing.
  • The Act also provides for penalties for those who violate its provisions, including imprisonment and fines.

Government Response

The government has assured the public that it will continue to take all necessary measures to prevent money laundering and protect the integrity of the financial system.