Taiwan’s Ministry of Justice Intensifies Anti-Corruption Measures by Including Virtual Currency Platforms and Transactions in Money Laundering Prevention Scope

02/16/2023 12:55 • Blockchain Briefs • 102 views

On February 16, it was reported that the Anti Corruption Section of the Anti Corruption Department of the Ministry of Justice of Taiwan, China, China, issued a press release saying that “virtual currency platform and transaction business” had been included in the scope of money laundering prevention in consideration of money laundering risks. In view of the fact that virtual currency also has considerable property value, the “Ministry of Legal Affairs” has recently actively discussed the inclusion of virtual currency in the scope of property to be declared under the Public Official Property Declaration Law.

The Independent Commission Against Corruption of the Ministry of Justice of Taiwan: Incorporate virtual currency into the scope of property to be declared under the Public Officials Property Declaration Law

Analysis based on this information:

The Anti-Corruption Department of Taiwan’s Ministry of Justice has issued a press release regarding the inclusion of “virtual currency platform and transaction business” in the scope of money laundering prevention. This move comes as a response to the increasing risks of money laundering in the virtual currency industry. In light of the significant value of virtual currencies, the Ministry of Legal Affairs has also been actively discussing the inclusion of virtual currency in the scope of property to be declared under the Public Official Property Declaration Law.

The inclusion of virtual currency platforms and transactions in the scope of money laundering prevention signifies Taiwan’s increasing effort to clamp down on corruption, particularly in the virtual currency industry. The rapid rise of virtual currencies has triggered the need for tighter regulations to prevent the illicit use of these currencies in money laundering activities. As the virtual currency sector evolves, new methods of money laundering have emerged, making it crucial for regulatory bodies to implement stricter measures to curb these activities.

The inclusion of virtual currency in the scope of property under the Public Official Property Declaration Law also highlights Taiwan’s effort to promote transparency in public officials’ assets. This move is essential to deter public officials from engaging in corrupt practices, such as embezzlement and bribery, by hiding their assets in virtual currencies. By requiring public officials to declare their virtual currency assets publicly, Taiwan is taking a significant step towards ensuring accountability and transparency in its public institutions.

In conclusion, the anti-corruption measures announced by Taiwan’s Ministry of Justice signify the country’s commitment to combatting corruption in all forms, including the emerging risks in the virtual currency sector. By including virtual currency platforms and transactions in the scope of money laundering prevention and in property declaration laws, Taiwan is sending a clear message that corrupt activities will not be tolerated. The move also highlights the importance of international cooperation and regulatory bodies working together to safeguard the integrity of financial systems across the globe.

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