A legislative committee yesterday passed an amendment to the Money Laundering Control Act (MLCA, 洗錢防制法) requiring that any trans-fers of funds totaling more than NT$5 million (US$151,000) be subjected to scrutiny by investigators.
The MLCA stipulates that domestic financial institutions must report any fund transfers of more than NT$20 million to the Ministry of Justice's Investigation Bureau. It also lists money laundering activities totaling more than NT$20 million as serious economic crimes which would face heavier sentences, but the amendment lowers both thresholds to NT$5 million.
The amendment is part of the country's anti-terrorism efforts as the bill makes the financing of terrorism illegal.
The legislature's Judiciary Committee passed the amendment yesterday with support from legislators across party lines.
The legislature promulgated the money laundering legislation in 1997.
egmont group
Taiwan became a member of the Egmont Group -- an international gathering of financial intelligence units designed to tackle money laundering -- in June 1998 under the name of the Money Laundering Prevention Center, Taiwan, and was a founding member of the Asia/Pacific Group on Money Laundering in February 1997.
The Ministry of Justice said the Egmont Group required its mem-bers to enact laws on financing of terrorism to enhance international cooperation on anti-terrorism; therefore, Taiwan is striving to optimize its mechanisms in the struggle against cross-border laundering.
global efforts
The ministry added the establishment of legal and regulatory standards and policies to deny terrorists access to the world financial system has become an essential function of global anti-money laundering efforts.
The ministry said the monitoring of fund transfers of more than NT$5 million would more effectively deter the money laundering activities of criminals.
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