TERRORISM FINANCE: U.S. DESIGNATION OF UNION OF GOOD

UNCLAS AIT TAIPEI 001776 SIPDIS STATE FOR INS, NEA/IR, EEB/ESC/TFS/CHRIS BACKEMEYER, NEA/I/JKONDOS, AND S/CT/TDROZDENKO TREASURY FOR TFFC LADAN ARCHIN E.O. 12958: N/A TAGS: EFIN KTFN PTER ETTC PREL PINR KWBG KPAL UNSC ECON IS, SA, WE, GZ, TW SUBJECT: TERRORISM FINANCE: U.S. DESIGNATION OF UNION OF GOOD REF: STATE 127070 ¶1. (U) Per reftel, Taiwan's Financial Supervisory Commission (FSC) issued a formal instruction on December 22, 2008, providing all banking institutions with information on the U.S. Department of the Treasury's designation of the Union of Good, a Saudi Arabia-based organization, as a supporter of terrorism under Executive Order ¶13224. ¶2. (U) In the instruction, the FSC directs Taiwan banking institutions to treat transactions with the designated individuals and their beneficiaries as suspected money laundering transactions, and instantly report these transactions to the Ministry of Justice Investigation Bureau for further investigation and action. ¶3. (U) The FSC also asked the following industry associations to ask their members to comply with the October 3, 2008 instructions: --Credit Cooperation Association --Bills Finance Association --Securities Firms Association --Securities Investment Trust and Consultant Association --Futures Commissioners Association --Life Insurance Association --Non-life Insurance Association --all jewelry associations --Credit Card Firms Association YOUNG