Financial officials who have not actively sought to fulfill their duties when overseeing banking, capital investment and corporate operations should be subject to strict criminal penalties to discourage financial crimes, a prosecutor said on Saturday.
Hsu Yung-chin (
Hsu, the country's first prosecutor to be assigned to the Financial Supervisory Commission (FSC), said that during his stint there, he saw many financial officials who only passively policed share sales and corporate accounting.
Hsu, who has investigated high-profile financial scandals such as the Taiwan Development Corp insider trading case involving President Chen Shui-bian's (
However, such criminal activities might also indicate weaknesses in legal, economic, social and political mechanisms, Hsu said.
Corporate financial scandals may also in a sense be caused by negligence on the part of internal monitors, he said, adding that accounting and administrative supervisors should rethink their work methods and ask whether they fulfill their duties.
If supervisory units fail to actively cooperate with prosecutors, Hsu said, that in itself should be probed.
With that in mind, Hsu said, financial supervisors who have been lax or passive in carrying out their watchdog duties should be prosecuted and given harsh prison sentences to send a clear signal that corporate crime will be prosecuted.
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