TAIPEI (Taiwan News) — People obtaining NT$100 million (US$3.07 million) through fraud might be sentenced to a maximum of 12 years in prison and a fine of NT$300 million, according to measures approved by the Legislative Yuan Friday (July 12).
Legislators passed the third reading of proposals designed to crack down on widespread fraud. The package ratified by the Cabinet in May also included the expansion of police surveillance and measures forcing social media platforms to remove fraudulent ads.
For perpetrators who gained at least NT$50 million from their scams, the maximum jail sentence would be set at 10 years, per CNA. The changes also specified the prevention of financial, electronic, and digital fraud.
Financial institutions will have to monitor suspicious accounts and transactions and report them to the authorities to allow intervention to prevent fraud. Telecom companies will also be required to keep a close watch on the inappropriate use of prepaid cards and international roaming services.
The measures for the digital economy included foreign companies registering online platforms with the government and appointing a legal representative in Taiwan to facilitate the removal of fraudulent ads.