The Ministry of Justice (MOJ) has announced an amendment proposal to restrict bank access for five years for people who are found guilty of selling financial accounts or account numbers.
The proposed amendment to the Regulations Governing Accounts Associated With Cases Violating the Money Laundering Control Act (洗錢防制法帳戶、帳號暫停、限制功能或逕予關閉管理辦法) came after amendments to the Money Laundering Control Act (洗錢防制法) passed in May, which introduced a maximum penalty of three years imprisonment, or a fine of up to NT$1 million (US$31,049), for people found guilty of selling financial accounts or account numbers. The earlier amendment was introduced as part of efforts to crack down on financial fraud.
Under the current act, first-time offenders selling one or two accounts would be given a warning, while those selling three or more accounts on the first offense, or violating the law again within five years of a warning, would be subject to fines and imprisonment.
Photo: Taipei Times file
The current act also requires that financial institutions, virtual currency-trading platforms, and third-party payment services close all accounts identified as being associated with such fraudulent activity.
Under the ministry’s proposed amendment to the regulations, people found guilty of a first offense of selling or providing their accounts would have all their accounts in the nation restricted or suspended. Banks would also be required to reject any new account application by these individuals during a five-year restriction period.
The proposal stipulates that those with restricted accounts would not be allowed to deal with more than NT$10,000 a day — including transfers and withdrawals, and transaction fees imposed by the financial institution — for the purpose of paying utilities, fines or other fees.
Only in-person transfer through bank tellers would be permitted, as restricted accounts would be prohibited from accessing online banking (including mobile banking), telephone banking and linking accounts to other payment platforms.
Electronic-payment accounts would be limited to a monthly cumulative maximum of NT$30,000 worth of transactions.
Third-party payment-service providers would be required to limit those under restrictions to only one account, and would not be permitted to provide virtual account services. A minimum of 20 days would be required for funds to be transferred through such a service, and transactions would be capped at NT$20,000, with the monthly cumulative total capped at NT$200,000.
The proposal also calls for the establishment of a system that would permit police to gather transaction information on restricted individuals simultaneously from financial institutions nationwide.
Measures have been taken to minimize damage from Chinese espionage, the Ministry of National Defense said on Monday, in response to an alleged plan to deliver a Chinook helicopter to the Chinese People’s Liberation Army. The Chinese-language CTWANT magazine earlier in the day reported that a lieutenant colonel surnamed Hsieh (謝) was approached by Chinese officers with an offer to evacuate his family to Thailand in the event of a cross-strait conflict. In exchange, Hsieh was asked to fly a CH-47F Chinook helicopter to a Chinese aircraft carrier in the Taiwan Strait, the magazine said. Hsieh initially declined, but accepted after he was
SAFETY IN REGULATION: The proposal states that Chiayi should assess whether it is viable to establish such a district and draft rules to protect clients and sex workers The Chiayi City Council passed a motion yesterday to assess the viability of establishing a regulated red-light district. The council yesterday held its last session of the year, at which its fiscal 2024 budget was approved, along with 61 other proposals. The proposal to assess the viability of establishing a red-light district was put forward by independent Chiayi City Councilor Molly Yen (顏色不分藍綠支持性專區顏色田慎節). The proposal cited 2011 amendments to the Social Order Maintenance Act (社會秩序維護法), which stipulate that city and county governments can pass autonomous regulations on the sex trade to manage the industry and guarantee industry workers’ rights. A ban on the
STABILITY AND CHANGE: Flagging in recent polls, Ko this week pledged to maintain President Tsai’s foreign policy, with an emphasis on improving China relations Taiwan People’s Party (TPP) Chairman and presidential candidate Ko Wen-je (柯文哲) yesterday reiterated that he is “deep-green at heart” in response to accusations that he is pivoting his campaign to align closer with the ideology of the Democratic Progressive Party (DPP) in the face of flagging polls. Ko made the remark at an agricultural policy conference in Taipei, repeating his comments from an interview with CTS News a day earlier. Ko told the CTS host that he would continue to pursue President Tsai Ing-wen’s (蔡英文) national defense and foreign policy in general, but with an emphasis on establishing a rapport with
CHINA illness surge: Of 88 travelers from China, Hong Kong and Macau with respiratory symptoms who were encouraged to get tested upon arrival, 70.6% had the flu Two hundred and sixty people with COVID-19 were hospitalized and 31 deaths related to the virus were reported last week — the highest numbers in four weeks, the Centers for Disease Control (CDC) said yesterday, adding that cases are expected to peak next month. CDC Epidemic Intelligence Center Director Guo Hung-wei (郭宏偉) said that of the 260 people hospitalized last week with moderate to severe COVID-19, 98 percent had not received the Omicron XBB.1.5-adapted COVID-19 vaccine. Among the people hospitalized this year, 78 percent were aged 65 or older, while most of the those who were hospitalized or died have or had
RSS