Prosecutors today indicted 62 people and 13 companies for allegedly laundering more than NT$10.7 billion (US$336.58 million) in illicit funds through Taiwan.
The funds were linked to the Cambodia-based Prince Holding Group, which the US alleges is a front for a multibillion-US-dollar online fraud and money laundering operation.
Prince Holding Group founder, Chinese-born Cambodian Chen Zhi (陳志), is facing up to 13 years in prison, as prosecutors seek a maximum sentence.
Photo: CNA
He faces charges involving money laundering, conspiracy, gambling, document forgery and contraventions to the Business Entity Accounting Act (商業會計法).
The Taipei District Prosecutors’ Office today completed its investigation that began on Oct. 15 last year, which entailed eight search operations and resulted in the detention of nine people.
A report by the Cambodian Ministry of Interior in January said that it had revoked Chen’s Cambodian citizenship the previous month and extradited him to China.
Although Chen’s whereabouts are unknown, the office said it moved to prosecute him regardless.
Chen allegedly ran forced labor scam compounds in Cambodia and an illegal gambling network.
Starting in 2016, he worked with a number of companies in Taiwan to establish a money laundering network, prosecutors said.
He set up a total of 250 companies across 18 countries, and held 453 international bank accounts, they added.
US federal prosecutors indicted Chen and his associates on Oct. 8, while the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Oct. 14 named Prince Holding’s nine shell companies and three Taiwanese nationals as Specially Designated Nationals.
If convicted in the US, Chen faces a 40-year prison sentence, while US authorities have seized about 127,000 bitcoin currently valued at more than US$11 billion.
Meanwhile, Taiwanese prosecutors said they have seized more than NT$5.5 billion in assets, including NT$55 million worth of designer goods and cash, NT$447 million from 337 bank accounts and 24 real-estate properties worth NT$3.98 billion.
The office also seized 35 luxury cars worth NT$1.1 billion, 24 of which have since been auctioned for a total of NT$436.62 million.
Prosecutors added they are seeking a 20-year prison sentence and an NT$250 million fine for Chen’s alleged accomplice, Li Tian (李添), while for two Singaporean nationals, it is seeking sentences of 18 years with an NT$150 million fine and 12 years with an NT$100 million fine respectively.
Prosecutors are requesting prison terms of between six and 16 years for the other defendants.
"To conceal and disguise criminal proceeds, they exploited Taiwanese to carry out money-laundering activities in Taiwan through online gambling and underground remittances," the office said.
"This not only seriously disrupted Taiwan's financial order and social stability, but also damaged Taiwan's international image," it added.
Additional reporting by Reuters
Taiwan has received more than US$70 million in royalties as of the end of last year from developing the F-16V jet as countries worldwide purchase or upgrade to this popular model, government and military officials said on Saturday. Taiwan funded the development of the F-16V jet and ended up the sole investor as other countries withdrew from the program. Now the F-16V is increasingly popular and countries must pay Taiwan a percentage in royalties when they purchase new F-16V aircraft or upgrade older F-16 models. The next five years are expected to be the peak for these royalties, with Taiwan potentially earning
STAY IN YOUR LANE: As the US and Israel attack Iran, the ministry has warned China not to overstep by including Taiwanese citizens in its evacuation orders The Ministry of Foreign Affairs (MOFA) yesterday rebuked a statement by China’s embassy in Israel that it would evacuate Taiwanese holders of Chinese travel documents from Israel amid the latter’s escalating conflict with Iran. Tensions have risen across the Middle East in the wake of US and Israeli airstrikes on Iran beginning Saturday. China subsequently issued an evacuation notice for its citizens. In a news release, the Chinese embassy in Israel said holders of “Taiwan compatriot permits (台胞證)” issued to Taiwanese nationals by Chinese authorities for travel to China — could register for evacuation to Egypt. In Taipei, the ministry yesterday said Taiwan
‘LIKE-MINDED PARTNER’: Tako van Popta said it would be inappropriate to delay signing the deal with Taiwan because of China, adding he would promote the issue Canadian senators have stressed Taiwan’s importance for international trade and expressed enthusiasm for ensuring the Taiwan-Canada trade cooperation framework agreement is implemented this year. Representative to Canada Harry Tseng (曾厚仁) in an interview with the Central News Agency (CNA) said he was increasingly uneasy about Ottawa’s delays in signing the agreement, especially as Ottawa has warmed toward Beijing. There are “no negotiations left. Not only [is it] initialed, we have three versions of the text ready: English, French and Mandarin,” Tseng said. “That tells you how close we are to the final signature.” Tseng said that he hoped Canadian Prime Minister Mark Carney
The US’ joint strikes with Israel on Iran dismantled a key pillar of China’s regional strategy, removing an important piece in Beijing’s potential Taiwan Strait scenario, said Zineb Riboua, a senior researcher at the Hudson Institute’s Center for Middle East Peace and Security. In an article titled: “The Iran Question Is All About China,” Riboua said that understanding the Iran issue in the context of China’s “grand strategy” is essential to fully grasp the complexity of the situation. Beijing has spent billions of dollars over the years turning Iran into a “structural strategic asset,” diverting US military resources in the
RSS