Cablegate: Fatf Statement and Guidance On Iran

VZCZCXYZ0000
RR RUEHWEB

DE RUEHIN #0022 0072343
ZNR UUUUU ZZH
R 072343Z JAN 08
FM AIT TAIPEI
TO RUEHC/SECSTATE WASHDC 7739
RUEATRS/DEPT OF TREASURY WASHDC
RUCNDT/USMISSION USUN NEW YORK 0045

UNCLAS AIT TAIPEI 000022

SIPDIS

SIPDIS

STATE FOR EEB/ESC/TFS J Jallorina and ISN/CPI Michelle New
TREASURY FOR TFFC Ladan Archin

E.O. 12958: N/A
TAGS: KTFN EFIN PTER PREL FARM PREL MNUC ECON TW IR
SUBJECT: FATF STATEMENT AND GUIDANCE ON IRAN

REF: (A) 07 SECSTATE 149648, (B) 07 TAIPEI 2506

1. Per ref A, Taiwan's Financial Supervisory Commission (FSC)
issued a formal instruction on December 25, 2007, providing all
banking institutions and securities finance companies with copies of
the Financial Action Task Force on Money Laundering (FATF) October
2007 statement and guidance on Iran and requiring them to follow the
guidance in implementing UN Security Council Resolution (UNSCR)
1737, which targets Iran's proliferation activities.

2. The FSC asked banking institutions in Taiwan to strengthen
monitoring over their customers and transactions. The FSC required
them to treat transactions with organizations or individuals
included on the UNSCR 1737 designation list as suspected money
laundering transactions, and instantly report these transactions to
the Ministry of Justice Investigation Bureau for further
investigation and action.

3. The FSC also asked the following industry associations to
request their members to comply with the December 25, 2007
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
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