Taiwan Enhances Anti-Money Laundering Measures to Cover Digital Assets

Taiwan is fortifying its anti-money laundering regulations with amendments to its Money Laundering Control Act, aligning its laws with international standards set by the Asia/Pacific Group on Money Laundering (APG).

Taiwan Introduces Clear Definitions for Virtual Assets and Service Providers in Anti-Money Laundering Efforts

The revisions focus on bringing virtual assets and service providers under Taiwan's anti-money laundering regime. Clear definitions for "virtual assets" and "virtual asset service providers" are introduced to address previous gaps in oversight.

Registration Requirements for Virtual Asset Service Providers and Increased Penalties for Non-Compliance

Virtual asset service providers must register with authorities for anti-money laundering purposes and demonstrate their capabilities. Non-compliance will lead to criminal penalties, with increased fines for designated non-financial businesses or personnel violating regulations.

To combat cross-border money laundering, passengers entering or leaving Taiwan must declare currencies and assets above a specified amount. Customs authorities can seize undeclared amounts exceeding the limit.

Fines on corporations involved in money laundering are raised, with exemptions available for companies implementing preventive measures. Individuals may receive sentence reductions for surrendering illicit gains and aiding investigations.

Taiwan Bolsters Anti-Money Laundering Framework to Safeguard Financial Resilience and Global Integration

Taiwan's strengthened anti-money laundering laws address gaps identified by the APG, aiming to enhance the resilience of its financial system. By extending oversight to the digital assets sector and promoting better corporate governance, Taiwan seeks to mitigate money laundering threats and integrate more effectively with the global economy.