eseoulpost
InternationalTaiwan
Taiwan looking to APG anti-money laundering evaluation
min  |  min
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
승인 2018.11.05  
트위터 페이스북 미투데이 요즘 네이버 구글 msn
   

Taipei, Nov. 4 (CNA) A team of experts will visit Taiwan on Monday to begin assessing the country's anti-money laundering practices, an examination that could have a profound impact on its ability to handle financial transactions worldwide, an official said Sunday.

The team is being arranged by the Asia/Pacific Group on Money Laundering (APG), a multilateral mechanism established in February 1997 to prevent money laundering related crimes in the Asia Pacific area.

The APG uses a "mutual evaluation," or peer review, program to assess how well members are complying with international anti-money laundering and combating the financing of terrorism (AML/CFT) standards.

The evaluation is important, said Yu Li-cheng , executive secretary of the Executive Yuan's Anti-Money Laundering Office, because without it Taiwan could lose its status as one of the group's members and be deemed as a high-risk country for money laundering.

The financial activities of Taiwanese businesses would also be subject to enhanced monitoring, hurting their international competitiveness, and foreign banks would be less willing to work with their Taiwanese counterparts, Yu said.

A senior accountant said, meanwhile, that Taiwan's reputation and image could be damaged if the results of the APG evaluation are not good.

It could lead to Taiwanese consumers who shop on foreign websites being asked to provide identification documents or even pay higher handling charges.

"The consequences would be more serious than one might think," said the accountant, who spoke on condition of anonymity because he is not authorized by his firm to speak publicly on the issue.

The APG mutual evaluation team will be in Taiwan from Nov. 5 to 16 for the third round mutual evaluations and are to submit a draft evaluation report on Nov. 16.

Taiwan will then be allowed to address the issues indicated in the draft report and get higher evaluation marks by providing new evidence during the APG's face-to-face meeting in March 2019 prior to the report being finalized.

Taiwan's mutual evaluation report will be discussed and adopted at the APG annual meeting in July 2019.

Taiwan was placed on a "regular follow-up" list by the APG in 2007, requiring it to report back two years after the evaluation, but was demoted in 2011 on an "enhanced follow-up," requiring it to report back one year after the evaluation.

It was then placed on the "transitional follow-up list" in 2014 after making some improvements and was removed from that list on July 20, 2017.

If a member country lands on the "non-cooperation" list, it could face sanctions.

Just ahead of the evaluation to be conducted by the APG, the Legislative Yuan on Friday passed amendments to the Counter-Terrorism Financing Act and Money Laundering Control Act that brought virtual currency trading under the scope of the two laws.

The measure was pushed in part to improve Taiwan's APG evaluation results, according to the Ministry of Justice.

The APG currently has 41 members, and its Secretariat is located in Sydney, Australia. Taiwan is one of the founding members of the APG, one of only a few international organizations in which Taiwan has a seat

< 저작권자 © eseoulpost 무단전재 및 재배포금지 >
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
트위터 페이스북 미투데이 요즘 네이버 구글 msn 뒤로가기 위로가기
이 기사에 대한 댓글 이야기 (0)
자동등록방지용 코드를 입력하세요!   
확인
- 200자까지 쓰실 수 있습니다. (현재 0 byte / 최대 400byte)
- 욕설등 인신공격성 글은 삭제 합니다. [운영원칙]
이 기사에 대한 댓글 이야기 (0)
Most Read
1
Directives of President to increase women's representation in FNC mirror wisdom of leadership says, Hazza bin Zayed
2
UAE, Korea discuss defence cooperation
3
UAE President's directives to allocate 50% of FNC seat to women hailed
4
UAE reaffirms commitment to its citizens at Bali Democracy Forum
5
Politics should remain separate from humanitarian assistance to N. Korea
6
Expo 2020 calls on People of Determination from across UAE to join its workforce
7
Sheikha Fatima calls for solutions to early childhood learning issues in areas of stress and conflict
8
Abdullah bin Zayed opens 5th Annual Conference of Forum for Promoting Peace in Muslim Societies, honours winners
9
UAE reaffirms support for Afghanistan
10
Taiwan retains ban on China-made telecom equipment: NCC
Photo News Green Biz
DEWA invites customers to take up Shams Dubai to generate onsite solar power
DEWA invites customers to take up ...
min
World Green Economy Summit to kick off in October
World Green Economy Summit to kick...
min
Abu Dhabi hosts The First Regional Biodiversity Forum in the Gulf Region
Abu Dhabi hosts The First Regional...
min
Etihad ESCO plans to reduce more than one million tonnes of carbon dioxide by 2030
Etihad ESCO plans to reduce more t...
min
Sharjah Municipality, MOCCAE discuss cooperation to protect environment
Sharjah Municipality, MOCCAE discu...
min
Photo News Sports
More history for Koreas in canoe; sport climber, hurdler grab gold medals
More history for Koreas in canoe; ...
min
Shooter wins Taiwan's 2nd gold at Asian Games (update)
Shooter wins Taiwan's 2nd gold at ...
min
Two taekwondo golds among 11 medals for S. Korea on Day 1
Two taekwondo golds among 11 medal...
min
Taiwan team wins first gold medal at Asian Games
Taiwan team wins first gold medal ...
min
(Asian Games) Koreas march together at opening ceremony
(Asian Games) Koreas march togethe...
min
FIFA Club World Cup UAE 2018 to boost nation's global sporting credentials
FIFA Club World Cup UAE 2018 to bo...
min
UAE gearing up for Asia's biggest football tournament
UAE gearing up for Asia's biggest ...
MIN
Taiwan blasts China for blocking Taichung games
Taiwan blasts China for blocking T...
min
Photo News World
More history for Koreas in canoe; sport climber, hurdler grab gold medals
More history for Koreas in canoe; ...
min
Shooter wins Taiwan's 2nd gold at Asian Games (update)
Shooter wins Taiwan's 2nd gold at ...
min
Two taekwondo golds among 11 medals for S. Korea on Day 1
Two taekwondo golds among 11 medal...
min
Taiwan team wins first gold medal at Asian Games
Taiwan team wins first gold medal ...
min
(Asian Games) Koreas march together at opening ceremony
(Asian Games) Koreas march togethe...
min
FIFA Club World Cup UAE 2018 to boost nation's global sporting credentials
FIFA Club World Cup UAE 2018 to bo...
min
UAE gearing up for Asia's biggest football tournament
UAE gearing up for Asia's biggest ...
MIN
Taiwan blasts China for blocking Taichung games
Taiwan blasts China for blocking T...
min
Photo News Opinion
S. Korea's first for-profit hospital gains approval from Jeju provincial gov't
S. Korea's first for-profit hospit...
min
Moon orders measures to strengthen presidential officials' discipline
Moon orders measures to strengthen...
min
Seoul thinks it is still possible for N.K. leader to visit S. Korea this year
Seoul thinks it is still possible ...
min
S. Korean childbirths continue to decline in September
S. Korean childbirths continue to ...
min
S. Korea to lose competitiveness in key export industries: KERI
S. Korea to lose competitiveness i...
min
Koreas agree to actively cooperate over modernizing direct phone lines
Koreas agree to actively cooperate...
min
Inter-Korean rail survey expected soon, top nuclear envoy says
Inter-Korean rail survey expected ...
min
S. Korea, U.S. still apart over splitting USFK cost
S. Korea, U.S. still apart over sp...
min
Newspaper AboutNews ReportAdvertiseComplaintsPrivacy PolicyJuvenile protectionRejection of E-mail Collection
Gangnam-gu, Teheran 52 street in Tehran Bldg, 616(Yeoksam-dong)  |  Main Phone: 02) 563-0604  |  Fax: 02) 538-5665
Chairman : jeong-woo Lee  |  Advisor : byung-il Min  |  Publisher: jae-mo Kah  |  Editors: il-hong Kim
Registration Number 1928 Seoul ah  |  eseoulpost.com / eseoulpost.net / Global Korea.,Ltd
Copyright © 2011 eseoulpost. All rights reserved. mail to jaemokah@daum.com , kih10kr@empas.com/ www.globalkorea.info
arabafrica.net / UAE Interract / Emirtes News Agency(WAM)/ http://wam.org.ae / www.uaeinteract.com