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Taiwan Amends Anti-Money Laundering Laws To Regulate Crypto Transactions

taiwanamends nov5 lt

The Taiwanese government made amendments to its anti-money laundering and terrorism financing prevention laws that regulate cryptocurrency transactions, reports said.

The Legislative Yuan, Taiwan's highest legislative body, on Friday amended the Money Laundering Control Act and the Terrorism Financing Prevention Act to give the country's Financial Supervisory Commission (FSC) the authority to crack down on anonymous virtual currency transactions.

As per the new provisions, virtual currency platform operators will be required to register their real names.

The new law empowers banks to reject anonymous virtual currency transactions and report them to the FSC if they deem them suspicious.

Non-financial enterprises that violate money laundering rules will be binding to pay a fine of minimum 50,000 yuans ($7,256). In the case of financial institutions, the fine amount will be ten times higher.

The Ministry of Justice (MOJ) said it expects the new amendments to help Taiwan perform better in its evaluation this week by the Asia/Pacific Group on Money Laundering (APG).

APG is an inter-governmental agency established in 1997 to prevent money laundering related crimes in the Asia Pacific region. It works in a similar capacity to its global counterpart, the Financial Action Task Force (FATF).

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