The Executive Yuan is today expected to pass proposed amendments to the Banking Act (銀行法) to improve banking oversight, prevent illicit activities and improve the nation’s participation in international efforts to combat money laundering.
The amendments seek to provide information to foreign governments, institutions and international organizations to boost cooperation with foreign nations to prevent money laundering and terrorism financing, said the Financial Supervisory Committee, which proposed the changes.
Banks that illegally issue stocks, raise equity funds in breach of legal procedures or fail to establish internal control and audit mechanisms would face a fine of NT$50 million (US$1.6 million), according to the proposed amendments.
The changes seek to require bank managers to observe noncompete clauses and to establish regulations authorizing competent authorities to prohibit bank managers from being involved in cases that would constitute a conflict of interest.
Bank managers who are suspected of tunneling would be asked to cease and desist, and would be removed from their position if they fail to comply with the request within a given period, sources said, citing the proposed amendments.
The amendments aim to bolster the nation’s capabilities to combat money laundering and join international collaborative efforts to prevent terrorism financing, the committee said.
It said that it took into consideration 40 recommendations from the Financial Action Task Force and the 13 core principles of the Basel Committee on Banking Supervision when drawing up the proposal.
There are 77 incidents of Taiwanese travelers going missing in China between January last year and last month, the Straits Exchange Foundation (SEF) said. More than 40 remain unreachable, SEF Secretary-General Luo Wen-jia (羅文嘉) said on Friday. Most of the reachable people in the more than 30 other incidents were allegedly involved in fraud, while some had disappeared for personal reasons, Luo said. One of these people is Kuo Yu-hsuan (郭宇軒), a 22-year-old Taiwanese man from Kaohsiung who went missing while visiting China in August. China’s Taiwan Affairs Office last month said in a news statement that he was under investigation
An aviation jacket patch showing a Formosan black bear punching Winnie the Pooh has become popular overseas, including at an aviation festival held by the Japan Air Self-Defense Force at the Ashiya Airbase yesterday. The patch was designed last year by Taiwanese designer Hsu Fu-yu (徐福佑), who said that it was inspired by Taiwan’s countermeasures against frequent Chinese military aircraft incursions. The badge shows a Formosan black bear holding a Republic of China flag as it punches Winnie the Pooh — a reference to Chinese President Xi Jinping (習近平) — who is dressed in red and is holding a honey pot with
Celebrations marking Double Ten National Day are to begin in Taipei today before culminating in a fireworks display in Yunlin County on the night of Thursday next week. To start the celebrations, a concert is to be held at the Taipei Dome at 4pm today, featuring a lineup of award-winning singers, including Jody Chiang (江蕙), Samingad (紀曉君) and Huang Fei (黃妃), Taipei tourism bureau official Chueh Yu-ling (闕玉玲) told a news conference yesterday. School choirs, including the Pqwasan na Taoshan Choir and Hngzyang na Matui & Nahuy Children’s Choir, and the Ministry of National Defense Symphony Orchestra, flag presentation unit and choirs,
China is attempting to subsume Taiwanese culture under Chinese culture by promulgating legislation on preserving documents on ties between the Minnan region and Taiwan, a Taiwanese academic said yesterday. China on Tuesday enforced the Fujian Province Minnan and Taiwan Document Protection Act to counter Taiwanese cultural independence with historical evidence that would root out misleading claims, Chinese-language media outlet Straits Today reported yesterday. The act is “China’s first ad hoc local regulations in the cultural field that involve Taiwan and is a concrete step toward implementing the integrated development demonstration zone,” Fujian Provincial Archives deputy director Ma Jun-fan (馬俊凡) said. The documents
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