Hours before the official end of the legislative session yesterday, lawmakers passed amendments to seven financial laws, increasing penalties for white-collar crime.
The changes increase the punishment to a minimum seven years in jail for those who profit at least NT$100 million from financial crime.
Those whose illegal acts affect a domestic financial market may receive up to 20 years behind bars.
Judges can fine such criminals NT$25 million to NT$500 million.
Under the old rules, violators were subject to sentences of three to 10 years and the maximum fine was NT$100 million, regardless of how much money they gained from their crimes.
The amendments also state that owners and board committee members of financial institutions who gain more than NT$100 million from embezzling capital will face a minimum seven years in jail.
The new rules allow the government to help clear up the problems of ailing institutions such as Chung Hsing Bank (
The revisions will also help the government fight hackers and those who steal customer information via financial institutions' databases. Those who gain more than NT$100 million from such crimes will be subject to the same punishment as those found guilty of other financial crimes.
Democratic Progressive Party Legislator Chiu Tai-san (邱太三) said the amendments were designed to improve the authorities' ability to combat financial crimes.
"The government figured out that its inability to eradicate major financial crimes over the past three years resulted from inadequate legislation, which led to misunderstanding by the public and complaints about the slight punishments for notorious monetary criminals," Chiu said.
The amendments were made to: the Banking Law (銀行法), Financial Holding Company Law (金融控股公司法), Bill Financing Law (票券金融管理法), Trust Company Law (信託業法), Cooperative Law (信用合作社法), Insurance Law (保險法) and Securities Transaction Law (證券交易法).
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