Examine strictly the flow of gold in the strait before the elections? Yang Jinlong, chairman of the central bank, said the following |

Elections are approaching, the government aims to prevent money laundering and financial flows in the strait are strictly controlled. Heads of the three ministries will report on the yuan bill next Monday (22 October) and relevant written reports will also be published. Yang Jinlong, chairman of the central bank, stressed that the management of China's foreign exchange funds had been liberalized and that there was no power or regulatory action, but that each bank could apply measures based on risk to strengthen the control of remittances.

The FSC also indicated that it was not targeting the continent and that in practice, as long as the customer cooperates to provide reasonable explanations and information, this will not affect the payment of its funds. Finance Minister Su Jianrong emphasized that public money banks should manage cross-border money transfer operations in accordance with the provisions of the Prevention of Money Laundering Act and the Law on Risk Prevention and Control, without, however, scrutinizing the detailed transactions to be carried out. Otherwise, it is forbidden to pay the discount, etc., and to respect the disposition of each bank in accordance with the law.

On October 22, the House of Legislative Yuan's Internal Affairs Committee will invite officials from the MAC, the Financial Management Committee, the Central Bank, the Ministry of Finance, the Ministry of Justice and other ministries to "check against the government that the foreign funds affect the name of the election at the end of the year.A special report on the abuse of power of the Golden Stream.In parallel, the Finance Committee also invited the Ministry of Finance, Financial Management Commission, officials of the Central Bank and the Ministry of Justice to submit special reports on ways to avoid if necessary the pan-public stock bank to prevent the money laundering and conduct a strict examination of the gold flow in Hong Kong and Macao.

Before moving on to the Legislative Yuan report, the three departments of the Finance Department will report in writing. Yang Jinlong, chairman of the central bank, said in his report that China's financial account had been opened and that funds in pure foreign currency that are not involved in the conversion of the new Taiwanese dollar are completely free. Foreign exchange inflows and outflows and the payment of trade in goods and services are completely free; direct investments are allowed with the authorization of the Ministry of Economic Affairs of the competent authority and the entry and exit of funds are totally free, after the foreign investments in domestic securities are registered at Taiwan Stock Exchange, Its funds are completely free to enter and exit and the Chinese can invest in foreign securities through financial institutions such as banks, securities, insurance and investment banks .

Yang Jinlong said that the banking sector handled remittances in accordance with the "Money Laundering Prevention Act", the "Law on the Prevention of Terrorism Control" and "Financial Institutions for the Prevention of Money Laundering". money laundering "and other relevant regulations, and then" foreign exchange revenues and expenditures or transactions defined by the central bank ". If the customer requests foreign exchange earnings, payments or transactions of an amount equal to or greater than NT $ 500,000, the method of reporting receipts and payments in foreign currency or transactions defined by the central bank will be applied, as well as the content of the corresponding declaration. The central bank's exchange rate reporting system is transmitted by the banking sector as balance of payments statistics.

The banking sector accepts the declaration of remittances from the mainland and is allowed to use the "method of reporting income and expenditure in foreign currency or transactions". The payment in question, etc., is not obliged to be freely paid by decree. Yang Jinlong said that, since cross-strait financial transactions are part of the "Taiwan-Mainland People's Relations Regulations", they are subject to approval by the relevant authority. , such as the direct investment of the head of the Ministry of Economic Affairs or the Financial Management Committee. Securities investment rebates may be processed after inspection by the Ministry of Economic Affairs or IARC licensing documents and confirmed by the banking sector.

Yang Jinlong also pointed out that the applicable reporting regulations have not been changed since the amendment of March 27, 2017 and that there were no new or revised regulations on the reporting of shipments. of funds from the continent. Therefore, the remittance of funds can be made after the settlement of the exchange declarations by the central bank, which has no power of control or any measure, but each bank can also strengthen the control of remittances according to its own risk control measures.

The FSC also pointed out that when badessing the risk of money laundering or terrorism in various regions, financial institutions would also take into account information provided by international organizations in addition to the national risk badessment report. For those with high risk or more corrupted areas, they will take appropriate action based on the risk-based principle instead of targeting the continent.

In addition, in practice, as long as the client cooperates to provide reasonable explanations and information, this will not affect the payment of funds. At the moment, when banks implement appropriate AML / CFT controls for abnormal transactions or higher-risk customers and businesses, if they cooperate with customer due diligence or with a reasonable explanation of the financial flow, the relevant services or transactions will not be executed. To have an impact.

In his written report, Finance Minister Su Jianrong also said that securities banks were involved in the prevention of money laundering and counter-terrorism to manage cross-border money transfer transactions and confirmed the information of shippers. and recipients in accordance with relevant regulations, reviewing customer payment transactions and understanding the purpose. And the nature, with respect to high-risk clients or alleged money-laundering characteristics, will take into account the client's history and daily trading patterns as well as other factors, ask the client in a timely manner to explain the source of funds and wealth, if you still think you are suspected of money laundering or terrorist business, you must report Suspicious Transactions.

Su Jianrong said that public banks affiliated with the Ministry of Finance should manage cross-border remittances in accordance with the provisions of the Money-Laundering Prevention Act and the Counter-Terrorism Prevention and Control Act. , without a detailed examination of the detailed transactions to be carried out. Good, otherwise it is forbidden to pay the discount, etc. In addition, the Ministry of Finance is an equity management agency that respects the badignment of banks in accordance with laws and regulations and will continue to urge relevant public banks to manage international remittances and other related transactions in accordance with the regulations of the Bank. Financial Management Committee on Money Laundering and the Fight against Terrorism.