Taiwan News
Date: 2016-08-30
By: Matthew Strong, Taiwan News, Staff Writer

TAIPEI (Taiwan News) – Premier Lin Chuan announced the progress Tuesday in the investigation into alleged money laundering by state-run Mega International Commercial Bank.

The case came to light on August 19 when New York State’s Department of Financial Service fined the bank’s New York branch US$180 million (NT$5.7 billion) after it allegedly uncovered a number of suspicious transactions with a Mega office in Panama.

At a special news conference Tuesday afternoon, Lin said he had asked his deputy, Vice Premier Lin Hsi-yao, to head a special review taskforce which would hand over the results of its probe to the Financial Supervisory Commission. There would be no upper limit to how high up the taskforce could seek culprits for the debacle, the premier said.     [FULL  STORY]