Taiwan has been dropped from a watchlist of Asia-Pacific jurisdictions deemed to have inadequate controls against money laundering, a senior official said on Wednesday, adding that the move reflects the nation’s determination to tighten its laws.
Removal from the Asia Pacific Group on Money Laundering (APG) watchlist is a victory for Taiwan, known as a supply chain hub for Apple Inc and other global companies, but which has also earned a reputation as a haven for money laundering.
Taiwan was the only jurisdiction removed from the 10-member watchlist after a meeting of the group in Sri Lanka last week, Deputy Minister of Justice Tsai Pi-chung (蔡碧仲) said.
“We have revised anti-money laundering regulations that were just implemented last month and we have established a cybersecurity protocol,” Tsai said. “All of our revised legal standards have demonstrated our determination to fight money laundering and carry out reforms.”
The others on the watch list are Afghanistan, Brunei, Laos, the Maldives, Nepal, Pakistan, Papua New Guinea, Philippines and Vietnam.
Financial firms and professionals, such as accountants and lawyers, must report suspicious or high-value transactions under the revised regulations, Tsai said.
The APG did not immediately respond to a request from Reuters seeking comment.
The APG’s decisions are closely followed by the 37 members of the broader Financial Action Task Force (FATF), including the US and China, Tsai added.
The APG, an associate member of the FATF, has direct access to its policymaking and standards-setting process. Members are committed to adopting FATF recommendations to battle money laundering, the APG says on its Web site.
Growing concern that Taiwan was an easy target for money-laundering schemes drove efforts to revise the law and adopt national cybersecurity protocols this year, with a cybersecurity bill awaiting approval in the next legislative session set to begin in September.
Taiwan was placed on a “regular follow-up” list in 2007 and on an “enhanced follow-up” list by the APG in 2011, before being placed on the “transitional follow-up list” in 2014.
Taiwan was removed from the “transitional follow-up list” on Thursday last week.
The ministry has taken steps in recent years to improve its efforts to combat money laundering including pushing for a new criminal forfeiture law in 2015, establishing a terrorism financing prevention law last year and amending a money laundering control law the same year, said Tsai Pei-ling (蔡佩玲), a prosecutor with the ministry.
Additional reporting by CNA
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