Ministry of Justice (MOJ) officials met yesterday with five members of the Asia-Pacific Group on Money Laundering (APG).
The group was in Taiwan to investigate government agencies and private institutes involved in prosecution, investigation and finance, in order to assess their enforcement of internationally accepted standards on money laundering and the financing of terrorism.
Vice Justice Minister Wang Tien-sheng said that although Taiwan is shut out of most international organizations because it is not a member of the UN, it knows the importance of combating money laundering.
Wang noted that the business of the APG is closely related to several UN international conventions and that the MOJ has sent officials to APG annual conferences since it was established in 1997.
He said it was the first time Taiwan had undergone an assessment by the APG.
The MOJ has convened meetings with the Central Bank, the Judicial Yuan, the Ministry of Foreign Affairs and the Financial Supervisory Commission since June 2005 in anticipation of the assessment, he said.
The MOJ has also convened inter-agency meetings to regularly examine Taiwan's domestic policies as well as their implementation, in line with UN conventions and recommendations.
He noted that the MOJ formulated a draft bill on amendments to a money-laundering prevention law that was sent to the Cabinet for screening last October. The draft bill, as well as an anti-terrorism action law, are expected to be legislated soon.
Wang said that to assist the APG in its assessment, the ministry had arranged for the group to call on related government agencies as well as private organizations so that they can have a comprehensive understanding of Taiwan's related policies and their implementation.
Premier Su Tseng-chang will also meet with the group, which is comprised of legal and financial experts from Australia, New Zealand, South Korea, Fiji and the Cook Islands, to highlight Taiwan's determination in monitoring its financial state, he said.
http://www.taipeitimes.com/News/taiwan/archives/2007/01/30/2003346913
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