Cablegate: Taiwan Adopts Fatf Recommendations

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RR RUEHWEB

DE RUEHIN #2363 1932147
ZNR UUUUU ZZH
R 122147Z JUL 06
FM AIT TAIPEI
TO RUEHC/SECSTATE WASHDC 1072
RUEATRS/DEPT OF TREASURY WASHDC
INFO RHMFIUU/DEPT OF JUSTICE WASHINGTON DC
RUEATRS/DEPT OF TREASURY WASHDC

UNCLAS AIT TAIPEI 002363

SIPDIS

SIPDIS

STATE PLEASE PASS AIT/W
STATE FOR EAP/RSP/TC, EAP/EP
TREASURY FOR FINCEN

JUSTICE FOR OIA AND AFMLS

E.O. 12958: N/A
TAGS: EFIN KCRM PTER KSEP TW
SUBJECT: Taiwan Adopts FATF Recommendations

1. On July 11, Taiwan's Financial Supervisory Commission Banking
Bureau issued a regulation effective August 1 that requires all
banking institutions to collect, verify and store information about
any banking customer that makes any single cash or electronic
remittance above NT$30,000 (US$923). At present, the personal data
requirement applies only to a remittance exceeding NT$1 million
(US$30,769). The data that banking institutions must verify,
collect and store include customer name, national identification
number, address, and telephone number.

2. Our contact at the Banking Bureau told AIT that the requirement
was adopted in response to suggestions submitted to Taiwan in 2004
by the Financial Action Task Force (FATF) on Money Laundering. He
said the new requirement was intended to demonstrate Taiwan's
determination support global efforts to crack down on international
money laundering and terrorist finance.

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