An amendment to the Money Laundering Control Act (洗錢防制法) was passed by the Legislative Yuan on Friday, widening the scope of professions required to report any suspicious financial transaction by their clients to the authorities.
According to the amendment, in addition to financial institutions, jewelers, land registration agents, real-estate brokers, lawyers and accountants must report suspicious transactions.
If any of their clients are found to have been involved in money laundering and they are found to have failed to report them to the Investigation Bureau, they can be fined up to NT$1 million (US$31,387).
The amendment also stipulates that any financial institution that avoids, refuses to comply or interferes with inspections looking into possible acts of money laundering may be punished with a fine ranging from NT$500,000 to NT$5 million.
The amendment would come into force in June next year at the earliest, the Legislative Yuan said.
Also on Friday, the legislature cleared an amendment that requires international e-commerce operators to pay business tax in Taiwan.
According to the amendment to the Value-added and Non-Value-added Business Tax Act (加值型及非加值型營業稅法修正案), international e-commerce companies must register their presence with the tax authorities or face a fine of up to NT$30,000.
Companies that fail to file their tax returns may also be fined up to NT$30,000, according to the amendment.
Chinese Nationalist Party (KMT) Legislator Tseng Ming-chung (曾銘宗) said the amendment would close a loophole that allows international e-commerce companies, such as Google, to not pay taxes in Taiwan.
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