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.
UPGRADE: The Kang Ding-class frigate is replacing its Chaparall missiles with Tien Chien II and Hua Yang VLS, which would provide it with long-range, 360° air defense Taiwan plans to produce 1,200 to 1,376 Hai Chien II missiles (海劍二, Sea Sword II) — also known as TC-2N — to serve as the standard air defense system of the navy’s surface combatant fleet, a source said yesterday. Last week, the Hai Chien II, the naval version of the Tien Kung II missile (天劍二, Sky Sword II), completed a live-fire test in waters off the National Chungshan Institute of Science and Technology’s Jiupeng facility (九鵬) in Pingtung County’s Manjhou Township (滿州). The MIM72 Chaparral and other dated air defense missiles that currently arm Taiwanese ships have inadequate range to combat Chinese
REASONS FOR TRAVEL: An assistant professor said that proposed amendments to penalize drivers if they used drugs overseas would not deter people from traveling People who operate a motor vehicle under the influence of marijuana would have their driver’s license revoked, even if they used the substance while overseas, the Ministry of Transportation and Communications said yesterday, citing proposed amendments to the Road Traffic Management and Penalty Act (道路交通管理處罰條例). The amendments would also authorize the government to revoke the licenses of people determined to have used Category 1 or Category 2 narcotics, even if they were not operating a vehicle while under the influence of drugs, as well as ban them from taking the license test for three years, the ministry said. People aged 18 or
Johanne Liou (劉喬安), a Taiwanese woman who shot to unwanted fame during the Sunflower movement protests in 2014, returned to Taiwan last night after being deported from the US. She is to stand trial in Taiwan for charges involving embezzlement, fraud and drug crimes. The Criminal Investigation Bureau (CIB) said it took her into custody at Taiwan Taoyuan International Airport and would first question her before transferring her to the New Taipei District Prosecutors’ Office. She was arrested upon disembarking a flight from San Francisco that landed shortly before 7pm. Liou absconded to the US in 2019 after jumping bail
Shih Hsin University President Chen Ching-he (陳清河) yesterday issued a public apology for comments made in his commencement speech last week, stating that he has asked the school to suspend his duties and halt his wages for two months as a show of contrition. At the commencement ceremony on May 30, Chen said, “If you don’t manage your time well, or your own emotions, or your health, then I am telling every one of you — put a quick end to ‘you,’ because the world has no need for ‘you.’” The comments have sparked significant controversy online, and Chen through an open
RSS