Taiwan Takes Step to Combat Money Laundering with Draft Amendments to Law
Preventing Large-Scale Money Laundering Operations
The Executive Yuan of Taiwan has approved draft amendments to the country’s Money Laundering Control Act, aimed at preventing and combating large-scale money laundering operations by criminal organizations. The proposed changes seek to curb the harvesting of user accounts from financial institutions, virtual currency platforms, and third-party payment providers.
Addressing Advances in Technology
According to Premier Chen Chien-jen, advances in information and communications technology have enabled criminal organizations to mass-harvest user accounts with ease. To counter this, Taiwan needs to tighten its laws to prevent money laundering and protect people’s financial assets. The premier has directed the Ministry of Justice (MOJ) to work closely with lawmakers from all parties and the wider society to expedite the amendment process.
Key Provisions
- Individuals would be prohibited from handing over user accounts or account data without a valid reason, and those who do so could face penalties for facilitating money laundering or fraudulent activities.
- The amendments aim to prevent the use of user accounts as “mule” accounts by criminal organizations.
A Significant Step towards Combating Money Laundering
The move is seen as a significant step in Taiwan’s efforts to combat money laundering and maintain financial stability. With the increasing prevalence of digital currencies and online transactions, the country recognizes the need for robust regulations to prevent illegal activities from exploiting these new payment methods.
Conclusion
Taiwan’s draft amendments to the Money Laundering Control Act demonstrate the government’s commitment to preventing large-scale money laundering operations and maintaining financial stability in the face of technological advancements. The proposed changes aim to protect people’s financial assets and prevent the use of user accounts for fraudulent activities.