After US fines firm, Taiwan looks to turn the corner on money laundering

Taipei

AFTER Taiwan's state-run Mega Financial Holding Co was fined US$180 million by the US authorities for lax enforcement of anti-money laundering rules at its New York branch, the bank started a rigorous training programme for its staff.

Now, like Mega Financial, companies across Taiwan are working to get staff and systems up to speed after the island passed laws to meet international standards on combating money laundering and was taken off a watch-list by the Asia Pacific Group on Money Laundering (APG).