SWORD OF DAMOCLES:Officials said Taiwan risks having all of its foreign transactions scrutinized if it fails to pass an evaluation by the Asia Pacific Group on Money Laundering

Taipei Times
Date: Nov 20, 2017
By: Lee Hsin-fang and Sherry Hsiao  /  Staff reporter, with staff writer

Premier William Lai (賴清德) is to lead a public pledge on Wednesday declaring the government’s determination to fight money laundering, increase financial transparency and pass the third round of mutual evaluations by the Asia Pacific Group on Money Laundering (APG) in November next year, sources said.

Taiwan joined the APG in 1997 as a founding member under the name “Chinese Taipei.”

In the first round of evaluations in 2007, Taiwan was placed on the regular follow-up list.

However, in the second round of evaluations in 2011, Taiwan was demoted to the enhanced follow-up list, which required a strict follow-up evaluation every four months.

In June, after President Tsai Ing-wen’s (蔡英文) administration pushed for an amendment, a revised Money Laundering Control Act (洗錢防制法) took effect, aligning the nation’s efforts to prevent money laundering with those of the international community, said officials who spoke on condition of anonymity.    [FULL  STORY]