11-HOUR REVIEW:Tsai Ing-wen was glad to hear that the act had been passed and commended the legislature for its hard work in preparing and passing the legislation
Taipei Times
Date: Jul 26, 2016
By: Jake Chung / Staff writer, with CNA
The legislature yesterday passed legislation governing ill-gotten political party assets, which states
Legislators hold placards both in support of and against a draft bill to handle political parties’ ill-gotten assets during a reading of the bill yesterday at the Legislative Yuan in Taipei. Photo: CNA
that all properties obtained by political parties after 1945 — not including party membership fees and political donations — are to be considered illegal and must be returned to the state.
The Act Governing the Handling of Ill-gotten Properties by Political Parties and Their Affiliate Organizations (政黨及其附隨組織不當取得財產處理條例) was passed after an 11-hour review on the legislative floor in Taipei.
The act states that all assets of a political party are considered frozen the moment the act is promulgated, with violators facing a jail term of up to five years. Any attempt to avoid, deny or obstruct investigations into party assets could lead to a fine of between NT$100,000 and NT$500,000.
The legislature also voted to approve a key provision of the act that stipulates that assets obtained since Aug. 15, 1945, would be subject to the proposed law. [FULL STORY]