Trends in Financial Crime in Taiwan Emerge in Latest Report
Taipei, [Date] - The Executive Yuan’s Anti-Money Laundering Office has released its 2021 National Money Laundering, Terrorism Financing, and Proliferation Financing Risk Assessment Report, revealing the latest trends in financial crime in Taiwan.
Vulnerabilities in Financial Services Sector
According to the report, which was compiled with input from 47 government departments and regulatory agencies as well as 27 private-sector organizations, Taiwan’s financial services sector is vulnerable to a range of criminal activities. The top ten forms of criminal activity identified by the report include:
- Drug trafficking
- Financial fraud
- Smuggling
- Tax evasion
- Organized crime
New Threats Emerge
The report also highlights new threats in the following sectors:
- Online gambling and e-gaming
- Virtual assets, including cryptocurrencies and virtual currency exchanges
- Art auction market
- Automobile sales and trading
- Pawn shops
Government Response
Minister of Justice Tsai Ching-hsiang endorsed the findings in the report, noting that Taiwan has received top ratings from the Asia/Pacific Group on Money Laundering (APG) for its efforts to combat money laundering and terrorism financing.
Key Findings
Anti-Money Laundering Office Executive Secretary Su Pei-yu presented the report’s main points, stating that Taiwan is most vulnerable to:
- Drug trafficking
- Financial fraud
- Smuggling
- Tax evasion
- Organized crime
She also identified 10 forms of criminal activity as “very high risk” for money laundering, terrorism financing, and proliferation financing, including:
- Domestic banks
- Offshore banking units
- Virtual asset sector
- International stock market and securities businesses with offices in Taiwan
- E-gaming companies
- Foreign banks with branch offices in Taiwan
- Post offices
- Domestic securities companies
- Accounting firms
Industry Response
Financial Supervisory Commission Vice Chairperson Hsiao Tsuey-ling emphasized the importance of the report in providing data for Taiwan’s financial services sector. “Taiwan’s banks, securities investment and financial service firms, and insurance companies can make their own evaluations and monitor those transactions and activities with a high risk of money laundering or other illegal financing,” she said.
Conclusion
The report is expected to provide valuable insights for Taiwan’s financial services sector in its efforts to combat financial crime and protect the integrity of the financial system.