Financial Crime World

Taiwan Maintains Favorable Money Laundering Prevention Status with Asia/Pacific Group

The Asia/Pacific Group on Money Laundering’s (APG) Mutual Evaluation Committee has unanimously endorsed Taiwan’s 2023 follow-up report, maintaining the country’s “regular follow-up” status. This is a testament to Taiwan’s continued efforts in preventing money laundering and combating the financing of terrorism and weapons proliferation.

Collaborative Efforts

Taiwan’s Anti-Money Laundering Office credits the success to a collaborative effort between multiple ministries, including:

  • Judicial Yuan
  • Ministry of Justice
  • Financial Supervisory Commission
  • Ministry of Economic Affairs
  • Ministry of Finance
  • Ministry of the Interior
  • Ministry of Digital Affairs

Key Achievements

The report highlights Taiwan’s achievements in strengthening its anti-money laundering regulations, particularly in three key areas:

New Regulations for Non-Financial Businesses and Professions

  • Anti-money laundering and countering the financing of terrorism and weapons proliferation regulations for various non-financial businesses and professions, such as:
    • Jewelry businesses
    • Notaries
    • Certified public accountants
    • Tax return filing agents

Regulations for Virtual Asset Service Providers

  • Taiwan has implemented regulations governing virtual asset service providers to prevent money laundering and terrorist financing.

Information Exchange Platform

  • An information exchange platform has been launched to enhance coordination between government agencies and improve information sharing between the public and private sectors.
  • This initiative addresses APG recommendations to strengthen coordination mechanisms and improve information exchange flows.

International Recognition

Taiwan’s efforts have been recognized by the international community, with the APG’s endorsement solidifying the country’s position as a leader in money laundering prevention. The report demonstrates Taiwan’s commitment to combating financial crimes and maintaining its reputation as a responsible and cooperative partner in the global fight against money laundering.

Conclusion

Taiwan’s maintenance of “regular follow-up” status with the APG is a testament to its continued efforts in preventing money laundering and combating financial crimes. The country’s collaborative approach, strengthened regulations, and enhanced information exchange platform demonstrate its commitment to maintaining a favorable reputation in the global fight against money laundering.