Taiwan revises cash laundering act to incorporate digital property

5 views 1:43 pm 0 Comments May 9, 2024



Taiwan is bolstering its anti-money laundering rules via amendments to its Cash Laundering Management Act, because the island aligns its legal guidelines with worldwide requirements set by the Asia/Pacific Group on Cash Laundering (APG).

The important thing focus of the amendments is to deliver digital property and digital asset service suppliers firmly underneath the oversight of Taiwan’s anti-money laundering regime. The revised legislation provides clear definitions for “digital property” and “digital asset service suppliers” to shut earlier gaps.

Digital asset service suppliers should now register with the authorities for anti-money laundering functions and display their service capabilities. Failure to conform will lead to legal penalties. Most fines for designated non-financial companies or personnel that violate the rules are additionally being raised, with the power to impose penalties per violation.

To fight cross-border cash laundering, the amendments require passengers getting into or leaving Taiwan to declare any foreign currency, Hong Kong or Macau-issued currencies, New Taiwan {Dollars}, securities, gold, or different gadgets above a specific amount. Customs could have the facility to grab any undeclared quantities exceeding the desired restrict.

To encourage self-policing, the revised legislation will increase fines on firms concerned in cash laundering whereas additionally offering exemptions from legal responsibility if the corporate had taken preventive measures. Sentence reductions are additionally potential for people who give up illicit features and help in investigations.

The strengthening of Taiwan’s anti-money laundering legal guidelines comes because the island seeks to handle gaps recognized by the APG in earlier evaluations. By extending oversight to the digital property sector and inspiring higher company governance, Taiwan goals to make its monetary system extra resilient to cash laundering threats because it additional integrates with the worldwide economic system.

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