The elections are coming, the government is on the brink of preventing money laundering and tightly controlled financial flows across the Strait. The head of the three ministries will report on the Yuan legislative project on Monday (October 22nd) and the relevant written reports will be published. Central Bank President Yang Jinlong stressed that China's foreign exchange management was liberalized and that there are no regulatory powers and measures. However, individual banks may carry out risk-based measures in order to strengthen the review of case transfers.
The FSC also said it was not land-based. In practice, if the client works to provide reasonable explanations and information, it will not affect the remittance of his funds. Finance Minister Su Jianrong stressed that banks with public funds should treat cross-border operations in accordance with the provisions of the Money Laundering Prevention Act and the Dangerous Prevention and Control Act, but not limit the transfers and collection of Taiwanese companies to the mainland. Otherwise, it is forbidden to pay a remittance, etc. And respect the liquidation of each bank in accordance with the law.
On October 22, the Home Affairs Committee of January will invite the head of the MAC Committee, the Financial Management Committee, the central bank, the Treasury, the Justice Department, and other ministries to "control the government to prevent the impact of foreign funds at the end of the elections by the end of the year. The Financial Committee also called on the Treasury, the Financial Management Commission, the Chief Executive Officers and the Ministry of Justice to submit special reports on how to avoid the need for a pan-European bank to prevent money laundering and to implement a strict review of the gold flow in Hong Kong and Macao.
Before going to the Legislative Juana report, it will notify the three departments of the finance department in writing. Central Bank President Yang Jinlong stressed in his report that China's financial account was open and that net foreign exchange assets not involved in the conversion of the new Taiwan dollar are completely free. Involved in the tide and outflow of the new Taiwan Stock Exchange, income from foreign exchange earnings and payments from trade in goods and services is completely free of charge, direct investment with the approval of the Ministry of Economy of the competent authority and entry and exit of funds totally free of charge after registration of foreign investment in domestic securities on its stock market, its funds are totally free for entry and exit, and Chinese people can invest in overseas securities through financial institutions such as banking, securities, insurance, and investment banking.
Yang Jinlong stated that the banking sector is processing remittances in accordance with the Money Laundering Act, the Anti-Money Laundering and Anti-Money Laundering Act and other relevant legislation and then "Foreign Exchange Revenue and Transaction If the client accepts statements of foreign earnings and payments or transactions of USD 500,000 or more and the method of statements of foreign income and payments or transactions set by the central bank, the relevant content of the statement will be given. as balance of payments statistics.
The banking sector accepts a declaration of remittances from the mainland and is permitted to use the "foreign earnings and payment transaction or transaction transaction method" method. Payment etc. It is not free of funds or remittances allowed by law. Yang Jinlong said that since cross-border financial transactions are part of the "Human-relations Regulation in Taiwan and the Continent" under the Strait and related regulations, subject to approval by a competent authority such as the direct investment of the Head of the Ministry economy or the chairman of the Financial Management Committee. Transfers of funds to securities can be processed by the Ministry of Economy or in the CIRC license documents and confirmed by the banking sector.
Yang Jinlong also stressed that the relevant reporting rules had not been amended since the amendment on 27 March 2017 and that there were no new or revised rules on the issue of remittances from the mainland. Changes in funds can therefore be made even after the CNB's foreign exchange statement has been calculated. The central bank does not have controlling powers and measures. Individual banks can also reinforce the revision of money deposits according to their own control measures.
The FSC also stressed that when assessing the risk of money laundering or the risk of terrorism in different regions, financial institutions will, in addition to the national assessment report, take account of information provided by international organizations. For those who have a higher risk or corrupt areas, they will take appropriate measures based on the risk-based principle instead of focusing on the mainland.
In addition, in practice, if the client cooperates to provide reasonable explanations and information, it will not affect the reimbursement of funds. Currently, when the bank carries out appropriate control measures against unauthorized transactions or customers and companies at a higher risk, if customer due diligence is performed or a reasonable explanation of the cash flow is provided, the relevant service or transaction will not be executed. Have an impact.
Finance Minister Su Jianrong also said in his written report that joint-stock banks cooperated to prevent money laundering and counter-terrorism in dealing with cross-border transactions, and to confirm sender and payee information in accordance with relevant regulations, to review customer money transfer transactions and understand the purpose of remittances. And the nature for high-risk customers or suspicious characteristics of money laundering will consider customer background and daily business models and other factors promptly ask the client to explain the source of funds and wealth if he is still suspected of suspicion of money laundering or trading with terrorists, you must declare Suspicious Transactions.
Su Jianrong said that public equity banks affiliated to the Treasury should process cross-border operations in accordance with the provisions on anti-money laundering and anti-counterfeiting legislation, and there is no special strict control of the remittances and collections of Taiwanese companies on land, complete detailed transactions. Voucher, otherwise it is forbidden to send and import. The Treasury is also an equity management agency and, in principle, respects the disposal of banks in accordance with laws and regulations, and will continue to require the relevant public banks to process international money and other related operations in line with the Commission's Financial Regulation on Money Laundering fight against terrorism.