After the amendment and implementation of the Money Laundering Control Act (MLCA), non-financial institutions such as accountants, lawyers, notary publics, land administration agents, etc., will be more meticulous when reviewing clients. When you are making investments and managing finances, you should cooperate more with the requirements of identity verification. For questions for investment purposes and sources of funds, you should give honest answers, so as to avoid the circumstances that accountants and lawyers cannot rule out suspected money-laundering situations and inform the cases, resulting in damage to your own interests.
In addition, after the implementation of the new law, tax evasion can be considered as the predicate offense of the money-laundering crime. Covering up or concealing the act of evading taxes may constitute a crime of money laundering. The crime of money laundering is punishable by a maximum of seven years' imprisonment and a fine of NTD5 million, and there is punishment for attempted offenses.
According to MLCA, including the financial industry, jewelry industry, land administration agents, real estate brokerage industry, lawyers, and notary publics, if they need to handle large transactions of assets, or as long as the client is a high-profile political figure or a family or relative with close relation with the high-profile political figure, they all belong to the scope of obligatory notification of MLCA.
In accordance with the provisions, there are six categories of the clients suspected of money laundering, which include those in the circumstances that the amount of transactions and the client status are not equivalent; without any justification, for many times or consecutively, the amount of declaration is lower than the required threshold; the source of funds is unclear; the client is involved in a major criminal case or is a terrorist; the client fails to explain the specific reasons for the transaction; the client's identity is fraudulent. If any of the above circumstances is found, the above-mentioned persons have the obligation to report to the Investigation Bureau, Ministry of Justice (Taiwan).
Our company is equipped with a professional team to provide consultation for the noted items relevant to the regulations of money-laundering control. Please contact us for more information.
