The Executive Yuan yesterday launched its Anti-Money Laundering Office to clamp down on money laundering and improve the nation’s financial transparency.
“Taiwan is the first nation in the Asia-Pacific region to legislate against money laundering, but in the past 10 years, Taiwan has been falling behind in this area and might even be listed on the Asia-Pacific Group on Money Laundering watch list,” Premier Lin Chuan (林全) said at the office’s launch ceremony in Taipei.
Stricter law enforcement will not burden the financial sector, but could instead facilitate financial activities, Lin said.
Photo: Peter Lo, Taipei Times
“I have heard people say that offshore banking units would leave the nation if the Money Laundering Control Act (洗錢防制法) was enforced more rigorously, or it would affect personal and financial privacy. These are unproductive thoughts. We want people to cooperate with the government in preventing money laundering to rebuild the financial system and transform it into a more transparent and regulated environment,” Lin said.
Minister of Justice Chiu Tai-san (邱太三) said the financial sector has long neglected the importance of cracking down on money laundering, resulting in the violation of US money laundering rules by the Mega International Commercial Bank’s New York branch, for which the bank was issued a US$180 million fine in August last year.
The office is to ensure legal compliance and prevent the laundering of illegal assets on an international level, Chiu said.
All high-level officials of the executive, legislative and judicial branches of the government would be under the office’s regulation to supervise their loans and real-estate transactions, Deputy Minister of Justice Chen Ming-tang (陳明堂) said.
Relatives, close friends and aides of the officials would also be regulated, and any monetary transaction would be reviewed.
The office has of 19 staff members and is to be headed by Deputy Minister of Justice Tsai Pi-chung (蔡碧仲).
Three batches of banana sauce imported from the Philippines were intercepted at the border after they were found to contain the banned industrial dye Orange G, the Food and Drug Administration (FDA) said yesterday. From today through Sept. 2 next year, all seasoning sauces from the Philippines are to be subject to the FDA’s strictest border inspection, meaning 100 percent testing for illegal dyes before entry is allowed, it said in a statement. Orange G is an industrial coloring agent that is not permitted for food use in Taiwan or internationally, said Cheng Wei-chih (鄭維智), head of the FDA’s Northern Center for
LOOKING NORTH: The base would enhance the military’s awareness of activities in the Bashi Channel, which China Coast Guard ships have been frequenting, an expert said The Philippine Navy on Thursday last week inaugurated a forward operating base in the country’s northern most province of Batanes, which at 185km from Taiwan would be strategically important in a military conflict in the Taiwan Strait. The Philippine Daily Inquirer quoted Northern Luzon Command Commander Lieutenant General Fernyl Buca as saying that the base in Mahatao would bolster the country’s northern defenses and response capabilities. The base is also a response to the “irregular presence this month of armed” of China Coast Guard vessels frequenting the Bashi Channel in the Luzon Strait just south of Taiwan, the paper reported, citing a
UNDER PRESSURE: The report cited numerous events that have happened this year to show increased coercion from China, such as military drills and legal threats The Chinese Communist Party (CCP) aims to reinforce its “one China” principle and the idea that Taiwan belongs to the People’s Republic of China by hosting celebratory events this year for the 80th anniversary of the end of World War II, the “retrocession” of Taiwan and the establishment of the UN, the Mainland Affairs Council (MAC) said in its latest report to the Legislative Yuan. Taking advantage of the significant anniversaries, Chinese officials are attempting to assert China’s sovereignty over Taiwan through interviews with international news media and cross-strait exchange events, the report said. Beijing intends to reinforce its “one China” principle
A total lunar eclipse, an astronomical event often referred to as a “blood moon,” would be visible to sky watchers in Taiwan starting just before midnight on Sunday night, the Taipei Astronomical Museum said. The phenomenon is also called “blood moon” due to the reddish-orange hue it takes on as the Earth passes directly between the sun and the moon, completely blocking direct sunlight from reaching the lunar surface. The only light is refracted by the Earth’s atmosphere, and its red wavelengths are bent toward the moon, illuminating it in a dramatic crimson light. Describing the event as the most important astronomical phenomenon
RSS