The Asia/Pacific Group on Money Laundering is to announce key findings in its evaluation of Taiwan today, without revealing its rating, but the government is still upbeat about the results, Anti-Money Laundering Office Executive Secretary Yu Li-chen (余麗貞) said yesterday.
From Monday last week to Wednesday, the nine-member team conducted 90 interviews with representatives of government agencies and financial institutions for the nation’s third round of evaluations, and had an internal meeting yesterday, Yu said.
The group evaluated banks recommended by the Financial Supervisory Commission and added three other institutions — Bank of Taiwan (台灣銀行), Hua Nan Commercial Bank (華南銀行) and Chunghwa Post Co (中華郵政), Yu told the Taipei Times by telephone.
Local media have reported that the group carried out a snap check of Bank of Taiwan’s branch at Taiwan Taoyuan International Airport.
Yu said that members were only there to exchange currency upon arrival in Taiwan.
However, they observed that the bank had simplified the exchange process and were interested in the change, Yu said, adding that this “might be the reason Bank of Taiwan was added to the evaluation.”
The office was not sure why the group added the other two institutions, but presumed that Hua Nan Bank was added because most of the work on the evaluation was done at Hua Nan Financial Holding Co’s (華南金控) headquarters in Taipei, “so it was convenient,” she said.
The team conducted a snap check of the Investigation Bureau’s Anti-money Laundering Division in New Taipei City on Tuesday, as it wanted to see whether the unit appropriately used financial intelligence and other information in its investigations of money laundering and terrorist financing, Yu said.
Among the 11 items in the evaluation, also known as “immediate outcomes,” the nation performed well on four items it previously achieved “substantial level of effectiveness” evaluations, Yu said.
The group was also impressed with the progress Taiwan made on confiscating income from criminal activities and preventing terrorists from abusing nonprofit organizations, Yu said, adding that the nation has a chance to get a “substantial level of effectiveness” rating on that item as well.
A group of investors who incurred losses in target redemption forward trading rallied in front of Hua Nan Finanacial’s headquarters last week, but Yu’s office said that group members did not encounter the protesters.
“In general, the group praised Taiwan’s efforts to prepare for this evaluation and acknowledged the nation’s progress, so we have a big chance of returning to the regular follow-up list, Yu said.
The group is expected to reveal its ratings in January, Banking Bureau Deputy Director Sherri Chuang (莊琇媛) said
Taiwan was placed on the “regular follow-up” list in 2007 and was demoted to the “enhanced follow-up” list in 2011, before being placed on the “transitional follow-up list” in 2014.
It was removed from the transitional list on July 2 last year, pending the results of this month’s evaluation.
Additional reporting by CNA
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