TAIPEI (Taiwan News) – The Executive Yuan's Anti-Money Laundering Office on May 2 released a risk assessment report on money laundering in Taiwan, outlining eight areas where the crime poses serious risks to security and society in Taiwan.
The report was released in order to assess problems and deficiencies of Taiwan’s policies in dealing with money laundering in a bid to better address them and to receive a better assessment with the Asia-Pacific Group on Money Laundering (APG) in November this year.
The APG is headquartered in Sydney Australia, and is an international organization, founded to maintain international regulatory standards in order to prevent money laundering, tax evasion and international criminal activity, including the funding of terrorist organizations and human trafficking operations.
Taiwan is already considered a low-risk country, with the highest area of concern being intellectual property crimes, according to Liberty Times.
However, in a bid to raise Taiwan’s rating with the organization, the government has been making efforts for the past few years, including passing a an amendment to the country’s law on money laundering prevention and control in June of 2017.
The report issued by the Executive Yuan on the eight criminal enterprises which may have links to money laundering, and which the government plans to further investigate includes; drug trafficking, telecom fraud, organized crime, corruption, smuggling operations, crimes involving financial securities, third-party money laundering, and tax evasion.