International commercial trades and international business financing activities in Taiwan are outstandingly thriving in these years. A better AML/CFT (Anti-Money Laundering/ Counter Financing Terrorism) system is indispensible to combat domestic crimes, deter proceeds of crime, and earn a spacious space for our international financial activity.
The AML/CFT policy is comprehensive and broad which needs a national coordination mechanism to be in charge. Facing 2018 APG Mutual Evaluation, the Anti-Money Laundering Office, Executive Yuan, is established to organizing national policies and corresponding guidelines for anti-money laundering, and for monitoring the preparations of the above-mentioned mutual evaluation.
The Office, directed by Minister without Portfolio, coordinates the entire country’s policy-making and conducts risk-analysis assessment, also monitors all related party’s implementations, duly represents co-operation of expertise and resources from the public and the private sector, gathers specialists from different government agencies, including Ministry of Justice, Investigation Bureau, Financial Supervisory Commission, Ministry of Finance, Ministry of Economic Affairs, Central Bank, Ministry of the Interior, Taiwan Depository & Clearing Corporation, Hua Nan Bank, and Chang Hwa Bank.In light of New York branch of Mega International Commercial Bank heavy-fine case panelized by US, which has deteriorated our country’s international financing reputation and impression, also indirectly damaged the whole country’s development potential and opportunities, our government is seeking an overhaul for adequate amendments on relevant regulations and rules, further on fundamental concepts and behaviors in either public or private sector. Inauguration of the Office, not only symbolizes the better acknowledgement of anti-money laundering and terrorist financing control, but promises better AML/CFT system in the future, to earn better reputation evaluation of financing activities for business environment, the public, and even the entire country. The establishment of the Office is the best evidence of the government resolution to conduct anti-money laundering and terrorist financing control to the global village.