New method of managing virtual asset services and third-party payment
Taiwan’s Legislative Yuan today passed the third reading of amendments to some provisions of the Money Laundering Prevention Act, officially bringing businesses or personnel that provide virtual asset services and third-party payment services into the scope of control. In the future, these service providers must complete money laundering prevention, service energy registration or login, otherwise they will face a maximum imprisonment of not more than 2 years or a fine of not more than NT$5 million.
Increased penalties for general money laundering crimes
This amendment also revised the penalties for general money laundering crimes. The third reading of the article stipulates that anyone involved in the acts listed in Article 2 of the Money Laundering Prevention Act will be sentenced to fixed-term imprisonment of not less than 3 years but not more than 10 years, and shall also be fined not more than NT$100 million. If the value of money laundered is less than NT$100 million, the person shall be sentenced to fixed-term imprisonment of not less than 6 months but not more than 5 years, and shall also be fined not more than NT$50 million. Those who attempt to do so will also be punished.
Note: Article 2 of the Money Laundering Prevention Act - Disguising or concealing the nature, source, destination, location, ownership, right of disposal or other rights and interests of proceeds from specific crimes.
The process from first review to third reading
The Judiciary and Legal Affairs Committee of the Legislative Yuan passed the preliminary review of the draft amendment on June 3, but some provisions were retained and sent to the party group for consultation. On July 12, after Legislative Yuan Hanguo-yu presided over caucus negotiations, only the general criminal penalty provisions for money laundering were retained. Both the ruling and opposition parties support a harsher sentence. The entire case was voted on in the Legislative Yuan today, and the motion for amendment proposed by the KMT and the Taiwan People's Party's Legislative Yuan caucus was approved.
Specifications for providing virtual asset services
The third reading article clearly stipulates that enterprises or personnel that provide virtual asset services and third-party payment services must complete money laundering prevention and service energy registration or login with the central competent authority, otherwise they are not allowed to provide related services. Relevant enterprises or personnel established overseas are not allowed to provide services in Taiwan if they have not registered the establishment of a company or branch in accordance with the Company Law and completed the above registration or registration.
Punishment measures for violations
The provisions stipulate that those who violate the above provisions and provide virtual asset services or third-party payment services without completing registration or login, or who still provide services after their money laundering prevention registration has been revoked or invalidated, will be sentenced to fixed-term imprisonment of not more than 2 years, criminal detention, or concurrent A fine of not more than NT$5 million shall be imposed.
Specifications for special money laundering crimes
The article passed on the third reading also regulates special money laundering crimes, including applying to open an account or account number from a financial institution or an enterprise or person that provides virtual asset services and third-party payment services using a false name, fake name or other false information, or obtaining or obtaining it through improper means. Anyone who uses another person's account will be sentenced to a prison term of not less than 6 months but not more than 5 years, and a fine of not more than NT$50 million.
Commutation clauses for surrendering
In addition, the article stipulates that if someone commits the crime of Articles 19 to 21 of the Money Laundering Prevention Act, if he surrenders after committing the crime and voluntarily hands over all the property obtained, his sentence will be reduced or exempted; if this allows the judicial authorities to seize all the money laundered Property or interests, or if other principal criminals or accomplices are found, they may also be exempted from punishment.
Prosecutor's investigative powers
In order to investigate money laundering crimes, the third reading article also clearly stipulates that prosecutors may, in accordance with their powers or at the request of judicial police officers, submit an investigation plan delivered under control, attach relevant information, and submit it to the prosecutor general for approval before issuing an investigation command letter.
This article The Legislative Yuan revised the Money Laundering Prevention Law during the third reading, and unregistered currency dealers and overseas exchanges will be subject to a maximum two-year period. First appeared on Lian News ABMedia.
