Financial Crime World

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Court Orders for Property Disposition and Assignment

In a move to strengthen efforts against money laundering and related financial crimes, the court has issued new guidelines for property disposition and assignment during trials. The orders are designed to ensure that properties involved in criminal activities are properly managed and disposed of in accordance with the law.

Procedure

  • The court’s order must be put into writing and is subject to the provisions of Article 128 of the Criminal Procedure Code.
  • If an extension of the action is deemed necessary, an application can be made to the court for a ruling by the prosecutor with specific reasons included, not later than five days before the expiration of the period.

International Cooperation

  • In cases where foreign governments or international organizations request assistance in investigating or prosecuting criminal activities that constitute an offence under Article 3, the court’s orders and procedures may also apply.
  • If the court’s order or ruling is found unsatisfactory, provisions concerning interlocutory appeal under Part IV of the Criminal Procedure Code will apply.

Penalties for Money Laundering

According to Article 14 of the law:

  • Anyone involved in money laundering activities shall be sentenced to imprisonment of not more than seven years and a fine of not more than NT$5 million.
  • The same penalties apply to attempts to commit such offenses.

Additional Penalties

  • In cases where someone accepts, possesses, or uses property without a reasonable account of its origin, and their income is obviously disproportionate to the size of the assets, an imprisonment of not less than six months and not more than five years shall be imposed, and a fine of not more than NT$5 million may also be imposed.

Penalties for Illegal Account Collection

According to Article 15-1:

  • Anyone who collects other people’s account details without justifiable cause and does any of the following shall be punished with imprisonment of up to five years, or with detention, and/or with a fine of up to NT$30 million:
    • Committing the offense while using the name of a government agency or civil servant
    • Committing the offense by disseminating information to the public through radio, television, electronic communications, or other means
    • Committing the offense by creating fake images, sounds, or electromagnetic recordings of others
    • Committing the crime by using promises, or quid pro quo, to coerce others
    • Committing the crime through the use of rape, coercion, fraud, surveillance, control, enticement, or other improper means

Protection of Account Information

According to Article 15-2:

  • Prohibits anyone from delivering or making available account information that they or others filed with a financial institution, or account numbers filed with businesses handling virtual currency platforms or transactions, or third-party payment services.
  • Violators shall be reprimanded by the police authorities and may face imprisonment and fines if they repeat the offense.

Reporting Mechanism

According to Article 16:

  • Establishes a case reporting mechanism to provide social assistance to individuals or families in need of support when they are suspected of engaging in illegal activities.
  • The competent police authority shall establish a reporting mechanism with the competent social welfare authority, and upon issuance of a warning, notify the relevant authorities to obtain social assistance.

According to Article 16:

  • Legal persons whose representatives, agents, employees, or other employed personnel commit offenses specified in the preceding four articles shall be charged with a fine.
  • Offenders who confess during investigation or trial may have their punishment reduced.

Public Officials’ Disclosure

According to Article 17:

  • Prohibits public officials from disclosing or delivering documents, pictures, information, or objects relating to reported transactions suspected of being involved in criminal activities.
  • Violators shall be punished accordingly.

These new guidelines aim to strengthen efforts against money laundering and related financial crimes, and ensure that properties involved in criminal activities are properly managed and disposed of in accordance with the law.