New Laws Aim to Crack Down on Money Laundering in Chinese Taipei

Chinese Taipei has introduced new laws aimed at strengthening its efforts against money laundering. The regulations are designed to confiscate assets obtained by offenders, prevent the disappearance of property or property interests under exigent circumstances, and protect the country’s financial system from criminal activity.

Key Provisions

Confiscation of Assets

• If a prosecutor fails to obtain court approval within three days of freezing an offender’s financial transactions, the hold on the transaction will be automatically removed.
• The presiding judge has discretion to order a financial institution to freeze the offender’s money laundering transactions for purposes of withdrawal, transfer, payment, delivery, assignment or other related property disposition.

Punishment for Money Laundering

• Individuals who engage in money laundering activities can face imprisonment and fines.
• Representatives of legal entities who engage in such activities can be punished accordingly, and the legal entity itself may also be fined.

Prevention of Disappearance of Property

• The property or property interests obtained from the commission of a crime will be confiscated, regardless of whether they belong to the offender or not.
• If the property cannot be confiscated in whole or in part, the value thereof shall be indemnified either by demanding a payment from the offender or by offsetting such value with the property of the offender.

Distribution of Confiscated Property

• Confiscated property or property interests will be distributed to government agencies and other organizations assisting in the investigation of money laundering activities.
• The Ministry of Justice may also distribute confiscated property or property interests to foreign governments, institutions or international organizations that enter treaties or agreements with Chinese Taipei to assist in confiscating the property or property interests obtained by offenders.

Broader Efforts

Chinese Taipei has entered into cooperative treaties or other international written agreements with foreign governments, institutions or international organizations to effectively prevent and eradicate international money laundering activities. The new laws are part of a broader effort to strengthen the country’s anti-money laundering regime and protect its financial system from criminal activity.

Conclusion

The new laws aim to strengthen Chinese Taipei’s efforts against money laundering by confiscating assets obtained by offenders, preventing the disappearance of property or property interests under exigent circumstances, and protecting the country’s financial system from criminal activity.