Taipei, June 22 (CNA) An amendment to the Money Laundering Control Act will go into effect June 28, providing more stringent rules for about 700 high-ranking government officials and their families, the Executive Yuan's Anti-Money Laundering Office said on Thursday.
The amendment was promulgated by President Tsai Ing-wen on Dec. 28, 2016 and will expand the scope of cash flow inspections by making about 700 high-echelon officials subject to financial scrutiny.
These officials include the president, vice president, chiefs and deputy chiefs, as well as the secretaries-general and deputy secretaries-general of the five government branches, members of the Legislative Yuan and the Control Yuan, the Grand Justices of the Judicial Yuan, mayors and deputy mayors as well as city council speakers and deputy speakers of Taiwan's six municipalities, and chiefs and deputy chiefs of Academia Sinica.
Other officials subject to the new measures are the chief and deputy chief of the National Security Bureau, military officers at the lieutenant general rank and above, and the chiefs of Taiwan's overseas missions.
The new regulations also apply to these officials' family members, including their spouse, parents and children, their common-law partners and people with whom they have close financial dealings, such as their mistresses.
Under the amendment, there is no time limit for them to come under scrutiny because some officials are still influential even after they retire, Deputy Minister of Justice Tsai Pi-yu said, adding that it is being considered that city and county councilors should also be subject to scrutiny in the next phase of the law amendment.
The new regulations also include professionals and operators in important non-financial sectors, such as lawyers, accountants, notaries public, land administration agents, real estate agents, and jewelery store operators, who will be required to strengthen their oversight of their clients' identities and sources of funds, according to the office.
