Thu, Jul 12, 2018 - Page 4

A story that ran in our July 9 issue, (“IAFI calls on insurers to improve compliance,” page 15) misquoted Cathay Life Insurance Co chief compliance officer Kung Du-zhi (宮篤志) as saying that Taiwan has a number of compliance shortcomings in preventing money laundering. In actuality, the compliance shortcomings Kung was referring to were identified as prevalent weaknesses that were compiled from mutual evaluation reports from 45 countries. The weaknesses were not specific to Taiwan’s financial companies. The Taipei Times regrets the error.