The Executive Yuan is today expected to pass proposed amendments to the Banking Act (銀行法) to improve banking oversight, prevent illicit activities and improve the nation’s participation in international efforts to combat money laundering.
The amendments seek to provide information to foreign governments, institutions and international organizations to boost cooperation with foreign nations to prevent money laundering and terrorism financing, said the Financial Supervisory Committee, which proposed the changes.
Banks that illegally issue stocks, raise equity funds in breach of legal procedures or fail to establish internal control and audit mechanisms would face a fine of NT$50 million (US$1.6 million), according to the proposed amendments.
The changes seek to require bank managers to observe noncompete clauses and to establish regulations authorizing competent authorities to prohibit bank managers from being involved in cases that would constitute a conflict of interest.
Bank managers who are suspected of tunneling would be asked to cease and desist, and would be removed from their position if they fail to comply with the request within a given period, sources said, citing the proposed amendments.
The amendments aim to bolster the nation’s capabilities to combat money laundering and join international collaborative efforts to prevent terrorism financing, the committee said.
It said that it took into consideration 40 recommendations from the Financial Action Task Force and the 13 core principles of the Basel Committee on Banking Supervision when drawing up the proposal.
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