The cabinet approved draft amendments to seven finance laws yesterday, with offenders facing up to 20 years in jail and fines of up to NT$500 million (US$14.37 million).
Premier Yu Shyi-kun said "hopefully the amendments, part of the government's financial reform packages, would help curtail economic crimes."
"In the past, the punishments handed out to the offenders were too little," Yu said.
Under the proposed amendments, financial criminals obtaining at least NT$100 million (US$2.87 million) illegally could be sentenced to up to 20 years.
Such criminals would face fines of up to NT$500, while their illicit gains would be forfeited.
Those convicted for breach of trust under the Banking Law currently can be jailed for up to 10 years and fined up to NT$100 million. Those obtaining NT$100 million by committing a fraud against a financial institution can be jailed for up to 10 years and fined up to NT$200 million.
The proposed amendments, pending final approval of the parliament, cover the Banking Law, Financial Holding Company Law, Bills Finance Management Law, Trust Enterprise Law, Credit Cooperative Law, Insurance Law and Securities Exchange Law.
Over 623 people have been implicated over the last three years in the 104 financial irregularities.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
Thousands of parents in Singapore are furious after a Cordlife Group Ltd (康盛人生集團), a major operator of cord blood banks in Asia, irreparably damaged their children’s samples through improper handling, with some now pursuing legal action. The ongoing case, one of the worst to hit the largely untested industry, has renewed concerns over companies marketing themselves to anxious parents with mostly unproven assurances. This has implications across the region, given Cordlife’s operations in Hong Kong, Macau, Indonesia, the Philippines and India. The parents paid for years to have their infants’ cord blood stored, with the understanding that the stem cells they contained