New money rules target key politicians

IMPROVED ENFORCEMENT:The period during which the government officials would be subject to regulation after leaving office would depend on their influence

Taipei Times
Date: May 15, 2017
By: Chung Li-hua / Staff reporter

Eighteen categories of government officials, including the president and vice president, would be subjected to strict regulations against money laundering to ensure financial transparency and stability, according to a draft act prepared by the Ministry of Justice.

An amendment to the Money Laundering Control Act (洗錢防制法), which was approved last year and is to take effect on June 28, stipulates that financial institutions and certain non-financial agencies must improve their review of clients who hold key political offices, as well as their relatives and close associates, to assess and manage the risk of money laundering.

Transaction records of the people covered by the act must be preserved, according to the amendment.

The ministry, which has prepared bills pertaining to the amendment following discussions with the financial sector, yesterday announced a draft act to determine the government officials who would be subjected to stringent financial vetting process.

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