Identifier
Created
Classification
Origin
09AITTAIPEI509
2009-04-29 09:59:00
UNCLASSIFIED//FOR OFFICIAL USE ONLY
American Institute Taiwan, Taipei
Cable title:
Taiwan Enacts New Anti-Terrorism Finance Law
how-toVZCZCXYZ0010 RR RUEHWEB DE RUEHIN #0509 1190959 ZNR UUUUU ZZH R 290959Z APR 09 FM AIT TAIPEI TO RUEHC/SECSTATE WASHDC 1467 RUEATRS/DEPT OF TREASURY WASHDC RUCNDT/USMISSION USUN NEW YORK 0117
UNCLAS AIT TAIPEI 000509
SIPDIS
SENSITIVE BUT UNCLASSIFIED
STATE FOR INS, NEA/IR, EEB/ESC/TFS/LINDA RECHT, NEA/I/JKONDOS, AND
S/CT/TDROZDENKO
TREASURY FOR TFFC LADAN ARCHIN
E.O. 12958: N/A
TAGS: EFIN KTFN PTER ETTC PHUM EAID ECON SL TW
SUBJECT: Taiwan Enacts New Anti-Terrorism Finance Law
UNCLAS AIT TAIPEI 000509
SIPDIS
SENSITIVE BUT UNCLASSIFIED
STATE FOR INS, NEA/IR, EEB/ESC/TFS/LINDA RECHT, NEA/I/JKONDOS, AND
S/CT/TDROZDENKO
TREASURY FOR TFFC LADAN ARCHIN
E.O. 12958: N/A
TAGS: EFIN KTFN PTER ETTC PHUM EAID ECON SL TW
SUBJECT: Taiwan Enacts New Anti-Terrorism Finance Law
1. (SBU) SUMMARY. On April 14, Taiwan's legislature passed a bill
that authorizes financial regulators to take enhanced action against
terrorist financing, including freezing bank accounts and financial
transactions associated with designated terrorists, entities, and
countries. In the past, only prosecutors were authorized to take
similar actions against terrorist financing activities. END
SUMMARY.
2. (U) On April 14, the Legislative Yuan (LY) passed the bill to
amend the Foreign Exchange Control Act and the Offshore Banking Act.
President Ma Ying-jeou promulgated the amended law on April 29.
According to the law's provisions, the Financial Supervisory
Commission (FSC) is authorized to take necessary actions to combat
terrorist financing, including freezing bank accounts and financial
transactions with individuals, entities, territories, and countries
designated by the United Nations. The legislation also applies to
actions required to further international cooperation, including
requests for action by the U.S.
3. (U) The legislation requires the FSC to obtain Executive Yuan
approval before taking action. In addition, the FSC is required to
seek the LY's subsequent concurrence within ten days after any
actions are taken. The FSC, however, has to abandon the actions if
the LY rejects them.
COMMENT
--------------
4. (SBU) The legislation gives the FSC, in addition to prosecutors,
a solid legal basis on which to take action against terrorists and
entities designated by the United Nations and the United States.
The FSC, the Central Bank of the ROC, and the Ministry of Justice
Investigation Bureau have all been cooperative with past requests on
terrorist financing issues, but tend to focus primarily on search
and investigation. Taiwan's Money Laundering Prevention Law already
authorizes prosecutors to seize and freeze assets and financial
transactions involved in terrorist activities. The new law
increases Taiwan's ability to investigate such activities.
YOUNG
SIPDIS
SENSITIVE BUT UNCLASSIFIED
STATE FOR INS, NEA/IR, EEB/ESC/TFS/LINDA RECHT, NEA/I/JKONDOS, AND
S/CT/TDROZDENKO
TREASURY FOR TFFC LADAN ARCHIN
E.O. 12958: N/A
TAGS: EFIN KTFN PTER ETTC PHUM EAID ECON SL TW
SUBJECT: Taiwan Enacts New Anti-Terrorism Finance Law
1. (SBU) SUMMARY. On April 14, Taiwan's legislature passed a bill
that authorizes financial regulators to take enhanced action against
terrorist financing, including freezing bank accounts and financial
transactions associated with designated terrorists, entities, and
countries. In the past, only prosecutors were authorized to take
similar actions against terrorist financing activities. END
SUMMARY.
2. (U) On April 14, the Legislative Yuan (LY) passed the bill to
amend the Foreign Exchange Control Act and the Offshore Banking Act.
President Ma Ying-jeou promulgated the amended law on April 29.
According to the law's provisions, the Financial Supervisory
Commission (FSC) is authorized to take necessary actions to combat
terrorist financing, including freezing bank accounts and financial
transactions with individuals, entities, territories, and countries
designated by the United Nations. The legislation also applies to
actions required to further international cooperation, including
requests for action by the U.S.
3. (U) The legislation requires the FSC to obtain Executive Yuan
approval before taking action. In addition, the FSC is required to
seek the LY's subsequent concurrence within ten days after any
actions are taken. The FSC, however, has to abandon the actions if
the LY rejects them.
COMMENT
--------------
4. (SBU) The legislation gives the FSC, in addition to prosecutors,
a solid legal basis on which to take action against terrorists and
entities designated by the United Nations and the United States.
The FSC, the Central Bank of the ROC, and the Ministry of Justice
Investigation Bureau have all been cooperative with past requests on
terrorist financing issues, but tend to focus primarily on search
and investigation. Taiwan's Money Laundering Prevention Law already
authorizes prosecutors to seize and freeze assets and financial
transactions involved in terrorist activities. The new law
increases Taiwan's ability to investigate such activities.
YOUNG