Taiwan
Last Updated: 19/02/2007Taiwan's anti-money laundering legislation is embodied in The Money Laundering Control Act (MLCA), 1997.
Its major provisions include a list of predicate offenses for money laundering, customer identification and record keeping requirements, disclosure of suspicious transactions, international cooperation, and the creation of a financial intelligence unit, the Money Laundering Prevention Center (MLPC).
The Legislative Yuan (parliament) amended the MLCA in 2003 to expand the list of predicate crimes for money laundering, widen the range of institutions subject to suspicious transaction reporting.
A lawyer is not obliged to report suspicious transactions in Taiwan.
"Taiwan also set up a single financial regulator, the Financial Supervisory Commission (FSC) on July 1, 2004. The FSC consolidates the functions of regulatory monitoring for the banking, securities, futures and insurance industries, and also conducts financial examinations across these sectors." 1
The US Department of State's 2006 international narcotics control strategy report broadly praised Taiwan's efforts to combat money laundering. The report said that the country had "created and implemented an anti-money laundering regime that comports with international standards.
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Sources
“International Narcotics Control Strategy Report -2006,Volume II: Money Laundering and Financial Crimes”, released by the Bureau for International Narcotics and Law Enforcement Affairs, March 2006
- Marcus Simpson, “Taiwan bolsters laws against money laundering”, 13 July 2006, www.complinet.com.
