Taiwan’s efforts to fight money laundering hailed by regional organization
26 Aug 2019

Taiwan’s efforts to combat money laundering and terrorism financing have been recognized by a regional organization.

The annual meeting of the Asia-Pacific Group on Money Laundering (APG) was held in Australia from August 18 to 23. During the meeting, 41 member jurisdictions agreed to adopt the mutual evaluation report on Taiwan, under the name Chinese Taipei, issued by the APG on June 28, which placed the island country in the “regular follow-up” category, said the Anti-money Laundering Office of the Executive Yuan via a statement on Sunday (Aug. 25).

This is the result of Taiwan’s overall good performance in the assessment in areas ranging from technical to legal compliance and effectiveness, according to the Anti-money Laundering Office. Members in the regular follow-up category will report to the plenary every two years as opposed to those in the “enhanced follow-up” group, which are required to report more frequently.

Before publication, the report will be provided to the Financial Action Task Force (FATF) Secretariat and all other assessment bodies for possible consideration in the Global Quality and Consistency Review process. The final confirmation will take roughly six weeks.

By Teng Pei-ju, Taiwan News, 25 August 2019

Read more at Taiwan News

Photo: Heeheemalu [CC BY-SA 4.0], via Wikimedia Commons

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