Three indicted for illicit currency trade services

Taipei Times
Date: Jun 26, 2019
By: Jason Pan  /  Staff reporter

The Taipei District Prosecutors’ Office yesterday indicted the owner of a Taipei-based company and two accountants after an investigation implicated them in illegal currency trading, mainly catering to local firms transferring money to China and other countries.

A woman surnamed Chen (陳) and her company’s two accountants, surnamed Lin (林) and Peng (彭), since January 2009 used one of Chen’s firms, Air Escort Express Co (震捷國際物流), to conduct underground currency trading, prosecutors said.

Chen later registered two other companies, Kai Hsin Trade Co (凱新貿易) and De Hsin Trade Co (德新貿易), which were reportedly also used for black market currency trading and money transfers — totaling NT$17.9 billion (US$575.3 million at the current exchange rate) in transfers, they said.

The trio were charged with contravening Article 29 of the Banking Act (銀行法), which prohibits any entity other than a bank from handling domestic or foreign remittances, prosecutors said.

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