Taiwan dropped from FATF associate’s watchlist

Taiwan has been dropped from a Financial Action Task Force (FATF) associate’s watchlist of Asia-Pacific jurisdictions deemed to have inadequate anti-money laundering controls.

A senior Taiwanese official says the island, which is recognised as a global trading hub with a strong export sector, is nevertheless determined to tighten its anti-money laundering laws still further.

Trade-based crime

Taiwan had developed a reputation as a pivotal money laundering hub, with the island’s global trading position providing favourable conditions for a wide range of trade-based financial crimes.

Legislators in Taiwan see its removal from the Asia Pacific Group on Money Laundering (APG) watchlist as sound progress. Taiwan was the only jurisdiction removed from the 10-member watchlist after an APG meeting at the end of July.

Afghanistan, Brunei, Laos, the Maldives, Nepal, Pakistan, Papua New Guinea, the Philippines and Vietnam remain on the watchlist.

Tougher regulations

“We have revised anti-money laundering regulations…and we have established a cyber security protocol,” according to Taiwan’s deputy justice minister, Tsai Pi-chung, who says more legislative or regulatory changes can be expected.

Decisions made by APG are followed closely by the 37-member FATF, which operates across the world.

As an associate FATF member, APG has direct access to the worldwide task force’s policy-making and standards-setting process.

Categories: Trade Based Financial crimes News

%d bloggers like this: