Taiwan Enforces AML/CFT Regulations, But Room for Improvement Identified: Report

A recent report assessing the anti-money laundering (AML) and combating the financing of terrorism (CFT) measures in place in Chinese Taipei has found that while significant progress has been made, there are still areas where strengthening is necessary.

Key Findings

• Taiwan has implemented a comprehensive AML/CFT regime, including customer due diligence requirements, reporting of suspicious transactions, and sanctions targeting terrorist financing.
• However, despite these efforts, there are still concerns regarding the effectiveness of the system.

Areas for Improvement

Strengthening Oversight and Enforcement Mechanisms

• Enhance cooperation between different agencies and sectors
• Improve the sharing of financial intelligence

Further Enhancements to AML/CFT Framework

• Ensure compliance with international standards
• Implement priority actions outlined in the report’s roadmap

Response from Taiwanese Authorities

The Taiwanese authorities have agreed to take action to address the identified weaknesses and strengthen their AML/CFT regime.

Roadmap for Improvement

The report provides a roadmap for this process, outlining priority actions that must be taken to enhance the effectiveness of Taiwan’s anti-money laundering and combating the financing of terrorism efforts.