Focus Taiwan
Date: 2018/12/29
By: Wang Cheng-chung and Chi Jo-yao 

Taipei, Dec. 29 (CNA) Money laundering has emerged as the third largest category of economic crime in Taiwan this year following a crackdown on the practice driven by a legal revision passed in 2017, the Ministry of the Interior (MOI) said Saturday.

A total of 501 money laundering cases involving 1,337 suspects and some NT$2.1 billion (US$68 million) were cracked in the first 11 months of 2018, according to MOI figures.

That compares to only 51 money laundering cases involving 274 suspects and NT$1.33 billion were solved during the same period of 2017, MOI figures showed.

The MOI attributed the increase to an amendment to the Money Laundering Control Act that took effect on June 28, 2017, which expanded the scope of anti-money laundering investigations, laid down stricter rules for high-ranking officials, and strengthened international police cooperation.    [FULL  STORY]