In 2016, the New York branch of Mega International Commercial Bank (Taiwan) violated the US Bank Secrecy Act and anti-money laundering laws and paid a fine of NTD5.7 billion (USD180 million). The money-laundering prevention laws of Taiwan, which have not been amended for a long time, are outdated. The competent authorities have also not paid enough attention. People living in Taiwan may not feel the earth-shaking changes in tax inspection and anti-money laundering abroad. But, in recent years, due to rampant international terrorist activities, coupled with the implementation of the Report of Foreign Bank and Financial Accounts (FBAR) by the US government, going after evaded taxes has become an international consensus. People with dual US and Taiwan citizenships should self-inspect again whether you are following the relevant asset reporting regulations in the US. Once you have been caught as evading tax by the US government, you not only may need to pay the overdue tax plus penalty, but also may get jailed!

If a US tax resident defined by US tax laws has a source of income outside the US, he or she should declare his or her tax to the US government, because the US income tax laws adopt the world-wide income doctrine. US nationals must report their world-wide income on the tax filing forms. According to the relevant regulations of the US, three types of people must file for US income tax: US citizens, green-card holders, and onshore residents defined by tax laws. These are US persons according to US tax laws. Some people mistakenly think that although they possess US green cards but because they have not entered the US for many years, they don't need to report tax or file for overseas properties. These are misunderstandings. Green card holders' tax obligations are not much different from those of US citizens.

Mega International Commercial Bank was fined NTD5.7 billion (USD180 million) for violating anti-money laundering laws. As a result, the importance of FBAR and FATCA (Foreign Account Tax Compliance Act) has resurfaced. Many people who have US citizenship have misunderstood FBAR and FATCA. They think that because their incomes have not reached the threshold, they don't need to report for FBAR and FATCA. But, please pay attention, FBAR and FATCA are not filing for overseas incomes, but overseas financial assets. Perhaps because many green-card holding housewives in Taiwan believe that they don't have any income, they have overlooked this point. We still recommend that people who have obtained either US citizenship or permanent resident status (green card), if there are any doubts, please make every effort to consult with professionals to better understand your own situation, so as to decide whether to file for relevant information.