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“Transparent Money Flow and World Recognition+” National Money Laundering and Terrorist Financing Risk Assessment Report Initial Publication Ceremony

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  • Last updated:2019-05-17
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        The upcoming third round of mutual evaluations by the Asia/Pacific Group on Money Laundering in November this year will be the first comprehensive national-level money laundering (ML) and terrorist financing (TF) risk assessment for Chinese Taipei. 37 public-sector institutions and 31 private-sector associations and institutions have worked with foreign experts and consultants to complete Chinese Taipei’s first National Money Laundering and Terrorist Financing Risk Assessment Report through continuous and intensive discussions and consolidation in 4 large-scale National ML/TF Risk Assessment Procedure Meetings and dozens of small-scale meetings between different agencies.

 

        Premier William Lai officially announced Chinese Taipei’s inherent ML/TF risks today in the publication ceremony for the National Money Laundering and Terrorist Financing Risk Assessment Report Chinese Taipei is severely affected by 8 major types of very high-risk ML threats, including drug trafficking, fraud, organized crime, corruption, smuggling, securities crimes, third-party money laundering, and taxation crimes. Offences with high-risk levels include intellectual property crimes. Industries/sectors susceptible to ML/TF risks include domestic banks and OBUs which have very high levels of weaknesses. Industries/sectors with high levels of weaknesses include offshore securities units (OSUs), branches of foreign banks in Chinese Taipei, post offices, securities firms, offshore insurance units (OIUs), jewelry retail businesses, accountants, attorneys, real estate brokerages, agricultural financial institutions, life insurance companies, and securities investment trusts. In addition, company organizations with insufficient information transparency include non-public companies limited by shares and limited companies, which have higher risks. With regard to trusts: offshore trusts have higher risks. Chinese Taipei's TF threats are considered to be low-risk. Non-profit organizations include three types: civil associations, nationwide religious foundation, and charity foundations, all of which have potential low TF risks.

 

        The Executive Yuan has demonstrated its resolve for good performance in the evaluation in the rally in November of last year (2017) and declared its goals for Transparent Money Flow and World Recognition. We now have 186 days left to prepare for the mutual evaluation. The National Risk Assessment Report Initial Publication Ceremony today was the best demonstration of Chinese Taipei’s adherence to international standards and establishment of a risk-based AML/CFT system. Public and private sectors will adopt the Report as the basis for allocating resources and establishing priorities based on risk levels in order to take effective steps to mitigate ML/TF risks. The implementation will improve Chinese Taipei's legal governance, supervision, and law enforcement and reach international AML/CFT standards.

 

        Finally, reaffirming its response to increasing calls for “anti-money laundering,” “anti-corruption,” and “anti-tax evasion” in the international community, the government has launched the Common Reporting Standard (CRS), which shall be implemented on January 1 of next year (2019). The passage procedures for the International Mutual Legal Assistance in Criminal Matters Act were completed by the Legislative Yuan on April 10 this year (2018); legislation (amendment) of the Company Act and the draft of the Foundations Act were also advanced. The legislation showed the firm stance of the government. Chiefs of agencies and representatives of industries gathered in the publication ceremony today to demonstrate the cooperation between the government and industry and their resolve for strengthening AML/CFT operations. They also called out for public support for improving AML capabilities to thereby jointly create a more transparent and orderly financial environment. They hope to achieve great results in the international evaluation at the end of this year and establish Chinese Taipei as a new role model for anti-money laundering in the Asia Pacific.


Minister of Justice Tai-San Chiu published the National Money Laundering and Terrorist Financing Risk Assessment Report.

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Minister of Justice Tai-San Chiu published the National Money Laundering and Terrorist Financing Risk Assessment Report.

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FSC Chairman Wellington L. Koo delivered a speech.

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Premier William Lai delivered a speech.

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Group photo of the Premier, Minister of Justice Tai-San Chiu, FSC Chairman Wellington L. Koo, Kuo-Yung Hsu, and Director of the Anti-Money Laundering Office Pi-Chung Tsai.

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The Premier took a group photo with distinguished guests of various public and private-sector agencies as they joined hands to support the evaluation and for the betterment of the country.

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