Taiwan: Change to money laundering controls passes legislature
12 Dec 2016

An amendment to the Money Laundering Control Act (洗錢防制法) was passed by the Legislative Yuan on Friday, widening the scope of professions required to report any suspicious financial transaction by their clients to the authorities.

According to the amendment, in addition to financial institutions, jewellers, land registration agents, real-estate brokers, lawyers and accountants must report suspicious transactions.

If any of their clients are found to have been involved in money laundering and they are found to have failed to report them to the Investigation Bureau, they can be fined up to NT$1 million (US$31,387).

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