Premier William Lai (賴清德) yesterday vowed that the nation would pass the Asia Pacific Group on Money Laundering’s (APG) evaluations next year, hinting that banking reforms are likely.
Lai made the comments at a news conference to announce the Cabinet’s determination to repair the nation’s reputation on transparency of financial institutions.
Taiwan was the first Asian nation to pass legislation dedicated to countering money laundering and is a founding member of the group, he added.
Photo: George Tsorng, Taipei Times
The nation in 2007 landed on the group’s “regular follow-up” list after its first-ever evaluation of the region’s efforts to fight money laundering, Lai said.
In 2011, Taiwan was placed on the group’s “enhanced follow-up” list after foreign regulators levied penalties against the nation’s banks for poor implementation of money laundering measures and weak internal regulation, he added.
Former premier Lin Chuan (林全) initiated banking law reforms, strengthened government watchdogs and established the Executive Yuan’s Anti-Money Laundering Office to return the nation to the regular list, Lai said.
The Executive Yuan is to work on maintaining Taiwan’s ranking in the group’s evaluations next year, he said.
Passing the evaluation is crucial to bring the nation’s transparency up to international standards and bolster the reputation of its financial institutions, which would facilitate banking operations and the overseas capitalization of business, he added.
Banking regulations against money laundering would choke off organized crime that profits from the drug trade, corruption and gambling, and would help keep the streets safe and the government honest, Lai said.
“We call for all relevant sectors to cooperate with the government to ensure the success of our efforts against money laundering,” he said.
Minister of Justice Chiu Tai-san (邱太三) said that the group’s inspectors are scheduled to visit the nation next month to familiarize government officials on the evaluation process, adding that he expects the officials to cooperate fully.
The government is to submit a report to the group on national money laundering risk and legal compliance in April next year, followed by a report on national policy effectiveness two months later, the office said.
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