People wiring more than NT$500,000 (US$15,000) to China through Chunghwa Post’s cross-strait currency exchange service will have to report each transaction to the central bank to prevent cross-strait money laundering, the nation’s largest postal company said yesterday.
Under current rules, people in Taiwan can wire money to China, but the company will not accept money sent from China to Taiwan.
US DOLLARS
Chunghwa first changes the money into US dollars and sends it to designated banks in China via Citibank in New York.
After receiving the money from Citibank, banks in China then have to notify the recipients to come and claim their funds.
Recipients have to pay processing fees to withdraw their money from the banks. Each transaction is capped at US$30,000.
Following the agreement reached at the recent meeting between the Straits Exchange Foundation and the Association for Relations Across the Taiwan Strait, Chunghwa Post will be allowed to accept money wired from China.
Both sides will still use US dollars as the clearing currency and recipients can claim their money the day after it is sent.
Chunghwa Post started offering the cross-strait money-wiring services in 1991.
As of last year, the company has wired more than NT$1.4 billion to China.
FSC APPROVAL
The company said yesterday that the service was regulated by the Financial Supervisory Committee (FSC), which is in charge of negotiating cross-strait currency exchanges with China.
The post office will offer the new service after it secures FSC approval.
Both sides still need to negotiate several issues, including the possibility of using yuan as the clearing currency, the company said.
The Chinese Communist Party (CCP) is pushing for residents of Kinmen and Lienchiang counties to acquire Chinese ID cards in a bid to “blur national identities,” a source said. The efforts are part of China’s promotion of a “Kinmen-Xiamen twin-city living sphere, including a cross-strait integration pilot zone in China’s Fujian Province,” the source said. “The CCP is already treating residents of these outlying islands as Chinese citizens. It has also intensified its ‘united front’ efforts and infiltration of those islands,” the source said. “There is increasing evidence of espionage in Kinmen, particularly of Taiwanese military personnel being recruited by the
ENTERTAINERS IN CHINA: Taiwanese generally back the government being firm on infiltration and ‘united front’ work,’ the Asia-Pacific Elite Interchange Association said Most people support the government probing Taiwanese entertainers for allegedly “amplifying” the Chinese Communist Party’s propaganda, a survey conducted by the Asia-Pacific Elite Interchange Association showed on Friday. Public support stood at 56.4 percent for action by the Mainland Affairs Council and the Ministry of Culture to enhance scrutiny on Taiwanese performers and artists who have developed careers in China while allegedly adhering to the narrative of Beijing’s propaganda that denigrates or harms Taiwanese sovereignty, the poll showed. Thirty-three percent did not support the action, it showed. The poll showed that 51.5 percent of respondents supported the government’s investigation into Taiwanese who have
South Korean K-pop girl group Blackpink are to make Kaohsiung the first stop on their Asia tour when they perform at Kaohsiung National Stadium on Oct. 18 and 19, the event organizer said yesterday. The upcoming performances will also make Blackpink the first girl group ever to perform twice at the stadium. It will be the group’s third visit to Taiwan to stage a concert. The last time Blackpink held a concert in the city was in March 2023. Their first concert in Taiwan was on March 3, 2019, at NTSU Arena (Linkou Arena). The group’s 2022-2023 “Born Pink” tour set a
A Philippine official has denied allegations of mistreatment of crew members during Philippine authorities’ boarding of a Taiwanese fishing vessel on Monday. Philippine Bureau of Fisheries and Aquatic Resources (BFAR) spokesman Nazario Briguera on Friday said that BFAR law enforcement officers “observed the proper boarding protocols” when they boarded the Taiwanese vessel Sheng Yu Feng (昇漁豐號) and towed it to Basco Port in the Philippines. Briguera’s comments came a day after the Taiwanese captain of the Sheng Yu Feng, Chen Tsung-tun (陳宗頓), held a news conference in Pingtung County and accused the Philippine authorities of mistreatment during the boarding of
RSS