Taiwan

New Documents

APG Highlights Improvements to Taiwan’s AML/CTF Framework

The Asia/Pacific Group on Money Laundering published a mutual evaluation report following its on-site visit, summarizing and analyzing the money laundering and terrorist financing regime of Taiwan with the Financial Action Task Force 40 Recommendations as well as its effectiveness.

October 2, 2019

Taiwan Bureau of Investigation Signs MoU with Vatican AIF on AML/CTF Cooperation

Taiwan announced a memorandum of understanding between the Bureau of Investigation and the Financial Information Authority of the Holy See and Vatican City State to strengthen cooperation for fighting money laundering and terrorist financing.

May 16, 2017

Taiwan FSC Issues Regulation on AML/CTF Measures

December 2, 2016

St. Vincent and the Grenadines FIU Visits Taiwan to Strengthen Relations in AML/CTF Matters

July 29, 2013

Taiwanese Regulator Issues AML Guidelines for Banks

October 9, 2009

News

Midweek Roundup: British Tobacco Firm Moved North Korean Profits Through US Banks, US Sanctions Chief Briefs European Bankers, and More

Cyprus ramps up sanctions enforcement, Libya wants U.S. to assist asset recovery campaign, and more, in the midweek roundup.

April 26, 2023

Weekly Roundup: US Probes Financial Crimes at Binance, OneCoin Founder Accused of Stealing and Laundering Millions, and More

Taiwan fines Citibank and DBS Bank for AML breaches, Australia bans high-rollers from Crown casino in Perth, and more, in the weekly roundup.

May 14, 2021

Midweek Roundup: Danske Bank’s CEO Resigns Amid Dutch AML Probe, US Pension Fund Sues Danish Lender, and More

April 21, 2021

Weekly Roundup: US Officials Block Myanmar Payment, Lebanese Central Bank Chief Draws US Treasury Focus, and More

March 5, 2021

Weekly Roundup: Deutsche Bank Settles Bribery Case, US Officials Place New Controls on Payment Protection Program, and More

January 8, 2021

Enforcement Actions

0 Items Found

Key Documents

Taiwan Publishes Amended Version of AML Legislation

June 10, 2009

Taiwan Establishes Transaction Reporting Requirements for Financial Institutions

December 18, 2008

Taiwanese Regulator Issues AML Guidelines for Banks

October 9, 2009

Taiwan Updates AML Requirements for Securities Firms

March 31, 2009

Taiwan Release AML Provisions for Insurance Agencies

May 20, 2009

Taiwan Provides Bank with Guidelines to Handle Suspicious Transactions

April 27, 2006

Taiwan FSC Issues Regulation on AML/CTF Measures

December 2, 2016

Important Facts

  • The U.S. Department of State labels Taiwan as a jurisdiction of primary concern. Taiwan’s modern financial sector, strategic location in Asia-Pacific international shipping lanes, expertise in high-technology production and role as an international trade hub make it vulnerable to transnational crimes, including money laundering, drug trafficking, telecom fraud and trade fraud. Domestic money laundering is generally related to tax evasion, drug trafficking, public corruption and a range of economic crimes. Official channels exist to remit funds, which greatly reduce the demand for unofficial remittance systems. However, although illegal in Taiwan, a large volume of informal financial activity takes place through unregulated, and possibly organized crime-linked, non-bank channels. Taiwan has five free trade zones and a growing offshore banking sector, which are regulated by Taiwan’s Central Bank and the Financial Supervisory Commission. There is no significant black market for smuggled goods in Taiwan.
  • KYC covered entities:Banks; trust and investment corporations; credit cooperative associations; credit departments of farmers’ and fishermen’s associations; Agricultural Bank of Taiwan; postal service institutions that also handle financial transactions; negotiable instrument finance corporations; credit card companies; insurance companies, agents, and brokers; securities brokers; securities investment and trust enterprises; securities finance enterprises and investment consulting enterprises; securities central depositories; futures brokers; trust enterprises; retail jewelers; and third party payment service businesses
  • STR covered entities:Banks; trust and investment corporations; credit cooperative associations; credit departments of farmers’ and fishermen’s associations; Agricultural Bank of Taiwan; postal service institutions that also handle financial transactions; negotiable instrument finance corporations; credit card companies; insurance companies, agents, and brokers; securities brokers; securities investment and trust enterprises; securities finance enterprises and investment consulting enterprises; securities central depositories; futures brokers; trust enterprises; retail jewelers; and third party payment service businesses
  • Enhanced due diligence procedures for PEPs:Foreign:YesDomestic:Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions:68 (January - October 2015); Convictions:7 (January - October 2015)
-Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 10 High : 0
Largely Compliant : 26 Substantial : 7
Partially Compliant : 4 Moderate : 4
Non-Compliant : 0 Low : 0

BASEL i

Rank : 111/141
Score : 4.31/10

TRANSPARENCY INTERNATIONAL i

Rank : 28/180
Score : 65/100

Tax Justice Network i

Rank : 13/133
Score : 66/100