The cabinet approved draft amendments to seven finance laws yesterday, with offenders facing up to 20 years in jail and fines of up to NT$500 million (US$14.37 million).
Premier Yu Shyi-kun said "hopefully the amendments, part of the government's financial reform packages, would help curtail economic crimes."
"In the past, the punishments handed out to the offenders were too little," Yu said.
Under the proposed amendments, financial criminals obtaining at least NT$100 million (US$2.87 million) illegally could be sentenced to up to 20 years.
Such criminals would face fines of up to NT$500, while their illicit gains would be forfeited.
Those convicted for breach of trust under the Banking Law currently can be jailed for up to 10 years and fined up to NT$100 million. Those obtaining NT$100 million by committing a fraud against a financial institution can be jailed for up to 10 years and fined up to NT$200 million.
The proposed amendments, pending final approval of the parliament, cover the Banking Law, Financial Holding Company Law, Bills Finance Management Law, Trust Enterprise Law, Credit Cooperative Law, Insurance Law and Securities Exchange Law.
Over 623 people have been implicated over the last three years in the 104 financial irregularities.
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