Taiwan Maintains Top Rating in Money Laundering Prevention Efforts
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The Asia/Pacific Group on Money Laundering’s Mutual Evaluation Committee has announced that Taiwan has maintained its “regular follow-up” status, the organization’s highest rating, following the submission of its 2021 follow-up report. This marks the second consecutive year that Taiwan has achieved this designation, which is the most favorable category in the Asia-Pacific region.
Top Rating for Money Laundering Prevention Efforts
Taiwan was initially placed in the “regular follow-up” category after the third round of mutual evaluations in October 2019. The organization’s highest ranking is a testament to Taiwan’s commitment to combating money laundering and countering terrorism financing, and Premier Su Tseng-chang has emphasized that the fight against these illegal activities must continue with increased vigor.
Submission of Follow-Up Reports
According to the APG’s mutual evaluation process, Taiwan was required to submit follow-up reports every two years after 2019 to demonstrate its continued commitment to preventing money laundering. To meet this requirement, the Executive Yuan’s Anti-Money Laundering Office (AMLO) has convened interministerial meetings since December 2019 and invited public and private sector entities to assess the nation’s risks regarding:
- Money laundering
- Terrorism financing
- Weapons proliferation financing
Collaboration and Coordination Efforts
The submission of Taiwan’s follow-up report highlights the collaboration among government agencies and the country’s ability to facilitate horizontal communication and coordination. The AMLO emphasized that it will continue these efforts going forward to ensure continued compliance with international standards and to solidify Taiwan’s position as a respected international partner in the fight against money laundering and terrorism financing.
Next Steps
The AMLO will continue to convene interministerial meetings and invite public and private sector entities to assess the nation’s risks regarding money laundering, terrorism financing, and weapons proliferation financing. The organization will also work to ensure continued compliance with international standards and solidify Taiwan’s position as a respected international partner in the fight against money laundering and terrorism financing.