Taiwan is enhancing its anti-money laundering regulations by amending the Money Laundering Control Act to align with international standards set by the Asia/Pacific Group on Money Laundering (APG).

The amendments focus on bringing virtual assets and service providers under Taiwan's anti-money laundering framework, addressing previous gaps by clearly defining terms like "virtual assets" and "virtual asset service providers."

Under the revised law, virtual asset service providers must register with authorities for anti-money laundering purposes and demonstrate their service capabilities or face criminal penalties. Maximum fines for designated non-financial businesses violating regulations are also being raised, with penalties per violation.

To tackle cross-border money laundering, the amendments require travelers entering or leaving Taiwan to declare currencies and valuables above specified amounts, with customs empowered to seize undeclared amounts exceeding limits.

Encouraging self-policing, the revised law increases fines on corporations involved in money laundering while providing liability exemptions for those taking preventive measures. It also allows for sentence reductions for individuals surrendering illicit gains and assisting investigations.

These measures aim to address APG-identified gaps, making Taiwan's financial system more resilient to money laundering threats as it integrates further into the global economy.