Taiwanese Gov’t to Release New Anti-Money Laundering regulations
This will be Released in November
Chiu Tai-San who is the justice minister in Taiwan said that the country is in the pans of rolling out new Anti-Money Laundering regulations which will govern the virtual currencies this year. This was reported on 20th April by the Taiwan Central News Agency.
Yesterday, during a conference which was specifically dedicated to AML (Anti-Money Laundering) in the financial industry which was held by Taiwan Financial Services Coalition, Chiu Tai-San explained the plans by the government to make and also launch new regulations for Bitcoin and also other cryptocurrencies. Therefore, the regulations are meant to ensure that the cryptocurrencies are not mediums of money laundering and this might be effective from November this year.
However, the Financial Supervisory Commission (FSC), the central bank, in collaboration with the Interior Ministry and also the investigation Bureau will be involved in the determination of relevant control mechanisms, the regulations and the laws for cryptocurrencies.
In a section of the AML program, the FSC requested the Banks to have a list of the major Bitcoin trading platforms accounts and have them as the “high-risk accounts.” On the other hand, in 2017, financial institutions including banks were informed to warn investors about crypto investment risks.
During this week, the European Parliament members supported the EU AML reforms, which includes strict regulations directed to the digital currencies. Therefore, the new reforms will focus on making sure that there is transparency to prevent a large-scale concealment of funds. Therefore this compels trusts and the crypto trading organizations to real the actual holders of cryptocurrencies.