Taiwan is bolstering its anti-money laundering regulations through amendments to its Money Laundering Control Act, as the island aligns its laws with international standards set by the Asia/Pacific Group on Money Laundering (APG).The key focus of the amendments is to bring virtual assets and virtual asset service providers firmly under the oversight of Taiwan’s anti-money laundering regime. The revised law adds clear definitions for “virtual assets” and “virtual asset service providers” to close previous gaps.Virtual asset service providers must now register with the authorities for anti-money laundering purposes and demonstrate their service capabilities. Failure to comply will result in criminal penalties. Maximum fines for designated non-financial businesses or personnel that violate the regulations are also being raised, with the ability to impose penalties per violation.To combat cross-border money laundering, the amendments require passengers entering or leaving Taiwan to declare any foreign currencies, Hong Kong or Macau-issued currencies, New Taiwan Dollars, securities, gold, or other items above a certain amount. Customs will have the power to seize any undeclared amounts exceeding the specified limit.To encourage self-policing, the revised law increases fines on corporations involved in money laundering while also providing exemptions from liability if the company had taken preventive measures. Sentence reductions are also possible for individuals who surrender illicit gains and assist in investigations.The strengthening of Taiwan’s anti-money laundering laws comes as the island seeks to address gaps identified by the APG in previous evaluations. By extending oversight to the digital assets sector and encouraging better corporate governance, Taiwan aims to make its financial system more resilient to money laundering threats as it further integrates with the global economy.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI. Get the latest crypto news and expert insights. Delivered to you daily.Runes bring UTXOs to tokens on Bitcoin and Sora Ventures is doubling down on tokens on Bitcoin.Fang is celebrating the Jubilee upgrade with a festive giveaway to engage the crypto community.Sora Summit 2023 set to shape the future of Bitcoin utility, cryptography, DeSci, and NFT innovation.The bill’s primary goal is to establish rules for virtual asset service providers to protect investors and maintain financial stability.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
