TAIPEI (Taiwan News) – Following three rounds of assessment for its efforts against money laundering, Taiwan has ended in the best possible category, the Cabinet’s Anti-Money Laundering Office said.
The Asia/Pacific Group on Money Laundering upgraded the island country from its “enhanced follow-up” list to its top “regular follow-up” list after a peer review, the Central News Agency reported.
The outcome was important because it showed Taiwan complied with international standards in the fight against criminal and terrorist money laundering, thus giving it a better position to engage in international finance, and even improving its chances of joining international organizations.
According to the Cabinet office, the country received seven ratings of “substantial” out of 11 key factors related to effective anti-money laundering measures. The ratings for the effectiveness of the government’s actions range from “high” over “substantial” to “moderate” and “low,” CNA reported.
The Asia/Pacific Group will discuss the approval of a final report on Taiwan’s situation at its annual meeting scheduled for August 22 in the Australian capital Canberra.