The on-site mutual evaluation in November 2018 and consultations in March are contributing factors in the promotion of Taiwan to the Asia-Pacific Group on Money Laundering’s regular follow-up list. (Courtesy of AMLO)

Taiwan was promoted to the regular follow-up list maintained by the Asia-Pacific Group on Money Laundering (APG) June 28, underscoring the effectiveness of government efforts in implementing globally recognized controls and initiatives.
 
The country showed substantial compliance in seven of the 11 effectiveness ratings featured in the 3rd Round Mutual Evaluation Report produced by APG. These include confiscation, financial intelligence, international cooperation, and risk, policy and coordination.
 
In addition, Taiwan fully or largely complied with 33 of the 40 technical compliance ratings. The findings were based on the country’s first money laundering, terrorist financing and risk assessment report released in May 2018, as well as a two-week APG on-site mutual evaluation in November the same year and consultations in March.
 
Taiwan has pursued wide-ranging reforms since early 2017, the APG said, with real progress achieved in a relatively short period of time. This reflects strong political commitment, significant commitment of resources and effective coordination, the Australia-headquartered organization added.
 
According to the Cabinet’s Anti-Money Laundering Office, the promotion reaffirms the suitability of government measures aimed at developing and promoting Taiwan’s financial sector. This APG vote of confidence reassures foreign firms mulling inbound investment while promoting related international participation and fast-tracking long-term economic development, the AMLO said.
 
Taiwan joined the APG as a founding member in 1997 on the strength of Asia-Pacific milestones like promulgation of the Money Laundering Control Act the year before. It received a positive review during the first round of mutual evaluations in 2001, but saw its status relegated in subsequent years before being removed from the transitional follow-up list in July 2017. (SFC-E)