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Anti-Money Laundering group completes review of Taiwan's financial operations

Officials are optimistic about results, which will not be officially announced until Summer 2019

Anti-Money Laundering group completes review of Taiwan's financial operations

(CNA photo)

TAIPEI (Taiwan News) – The Asia/Pacific Group on Money Laundering (APG) completed its two week inspection of Taiwan’s financial sector on Nov. 14 that will determine whether or not Taiwan has been found to be in compliance with the regulations of the international anti-money laundering agency.

The initial evaluation report from the APG was received by the Taiwan government on Friday, Nov. 16.

However, the official rating will not be announced until the APG Secretariat convenes in Sydney, Australia in July 2019 to release the complete global report on money laundering and efforts to combat the financing of terrorism.

There is some concern that a negative evaluation could impact Taiwan’s ability to perform certain international financial transactions, if the country were found to be a high-risk county for money laundering.

According to CNA, the APG review team consisted of nine members. Three of the several financial institutions inspected during the review were identified as Mega Bank, Chunghwa Post Co., and the Agricultural Bank of Taiwan.

The evaluation process also included a review of the Anti-Money Laundering Office under the Ministry of Justice.

The evaluation team reportedly indicated that they were “greatly impressed” with the commitment and proactive support of both public and private sector groups during the evaluation. Other inspectors reportedly said that Taiwan had made “significant progress” in its evaluation this year.

CNA reports that some government officials are expressing “cautious optimism” that Taiwan will receive a positive rating, which will place Taiwan on the “general tracking list,” meaning the country will only require a new evaluation every two years, rather than every year, or every season.