An amendment that seeks to curb identity fraud and money laundering using others’ financial accounts passed a third reading in the legislature on Friday.
Photo: CNA
The amendment to the Money Laundering Control Act (洗錢防制法) stipulates a maximum penalty of three years imprisonment, or a fine of up to NT$1 million, for those found guilty of selling financial accounts or account numbers.
Minister of Justice Tsai Ching-hsiang (蔡清祥) said the amendment was needed to curb a growing number of fraud cases that had “caused great financial loss for many people.”
“If we cannot tackle the issue of identity fraud for misappropriating financial accounts, then we will be unable to tackle fraud crime in general,” he said.
One of the key points of the amendment is the addition of Article 15-2, which stipulates that no one may hand over or provide financial account information to others without a justified reason, he said.
During cross-party caucus negotiations on the amendment held on Tuesday, Democratic Progressive Party Legislator Chiang Yung-chang (江永昌) proposed inclusion in the amendment of the stipulation that financial institutions be required to have a mechanism in place to prevent account holders from committing identity fraud.
That stipulation was left out following further cross-party discussion. The final version of the amendment, which was passed on Wednesday, applies to financial accounts at banks and other traditional financial institutions, virtual currency trading platforms, and third-party payment services.
However, the newly stipulated restrictions on sharing account information would not apply to “general business and financial transaction practices where sharing of this information is justified and required, or transactions based on a relationship of trust between relatives and friends, or other legitimate reasons,” he said.
The amendment also stipulates that financial institutions, virtual currency trading platforms, and third-party payment services close within a specified period of time all accounts identified as being associated with identity fraud.
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