The Executive Yuan on Thursday approved draft amendments to the Money Laundering Control Act, proposed by the Ministry of Justice (MOJ). The draft amendments are aimed at preventing and combating criminal organizations' large-scale harvesting of user accounts from financial institutions, virtual currency platforms or third-party payment providers. The amendments would also prohibit any individual from handing over such accounts or account data to be used by others without valid reason, or to serve as fraudulent or mule accounts for criminal organizations.
Premier Chen Chien-jen said that the changes are necessary because advances in information and communications technology coupled with the convenience of modern financial tools have motivated criminal organizations to engage in the mass harvesting of user accounts from financial institutions, virtual currency platforms and third-party payment providers to facilitate money laundering or to defraud people of their financial assets. The premier directed the MOJ to proactively communicate and coordinate with the legislative caucuses of all parties, as well as wider society, to complete the amendment procedure as soon as possible.
Sources: Excutive Yuan
