Taiwan Anti-Money Laundering Act: A Summary

The Taiwan Anti-Money Laundering Act is a crucial piece of legislation designed to prevent and combat money laundering, terrorism financing, and other financial crimes in Taiwan. This article provides an overview of the key provisions, penalties, and regulations imposed by the law.

Key Objectives

• Prevent and combat money laundering, terrorism financing, and other financial crimes
• Protect the integrity of the financial system and prevent illicit activities from taking place within it

Prohibited Activities

• Opening or using accounts at financial institutions under false names or without authorization
• Obtaining account information through improper means
• Avoiding anti-money laundering procedures

Penalties for Non-Compliance

Serious Offenses

• Up to 5 years’ imprisonment, detention, and/or a fine of up to NT$30 million (Article 15-1)

Non-Serious Offenses

• Reprimand by police authorities

Repeated Offenses

• Imprisonment of up to 3 years, detention, and/or a fine of up to NT$1 million

Financial Institution Obligations

• Suspension or closure of accounts in case of suspected money laundering activities
• Delivery or disclosure of account information without justifiable reasons (Article 15-2)

Joint Sanctions

Relevant authorities may impose joint sanctions on individuals and entities that engage in suspicious activities.

Important Note

This summary is not intended to be an exhaustive or definitive interpretation of the law. If you have specific questions or concerns, we recommend consulting with a qualified attorney or legal expert familiar with Taiwanese law.