Cabinet approves bills against money laundering, terrorism financing

Focus Taiwan
Date: 2018/09/13
By: Ku Chuan and Evelyn Kao

Taipei, Sept. 13 (CNA) The Cabinet on Thursday approved draft amendments to the Money Laundering Control Act and the Terrorism Financing Prevention Act, which aim to tighten supervision of financial and other institutions.

The amended Money Laundering Control Act introduces new fines for financial institutions and designated non-financial businesses or professions that violate the relevant regulations.

It stipulates that such institutions, businesses and professions must implement internal control and audit to prevent money laundering and terrorism financing.

Under the amendments, the institutions will also be required to prepare regular risk assessment reports on money laundering and terrorist financing.    [FULL  STORY]

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