https://focustaiwan.tw/politics/202305190015

Taipei, May 19 (CNA) Legal revisions to the money laundering law that will penalize those who obtain access to people's bank accounts to commit fraud cleared the Legislative Yuan on Friday.

The amended Money Laundering Control Act listed several types of offenses for which violators could be sentenced to a maximum of five years in prison and/or a fine of up to NT$30 million (US$977,545).

They include gaining access to bank accounts to commit illicit acts through posing as public officials, broadcasting misleading messages via TV, the internet or other media, using computer-generated technology or other equipment to create fake images or audio records, or using threats, scams, deceit or other improper means.

Previously, fraudsters who gained access to people's bank accounts but did not use them illicitly were not subject to punishment, and the revisions sought to address this, said Huang Mou-hsin (黃謀信), head of the Ministry of Justice's Department of Prosecutorial Affairs.

The revisions also added an Article 15-2 to the Act, under which people found guilty of providing or selling access to their bank accounts to others without a legitimate reason could face a prison sentence of no less than three years and/or a fine up to NT$1 million.

In a growing number of financial fraud cases in Taiwan, proxy accounts have become a key tool used by scammers, Justice Minister Tsai Ching-hsiang (蔡清祥) said, adding that such crimes will be hard to curb if the problem is not addressed.

The new Article 15-2 does not apply, however, to general business and financial transaction practices where sharing banking account information is justified and required, or transactions based on a relationship of trust between relatives and friends.

Another revision stipulates that financial institutions, virtual currency trading platforms, and third-party payment services must close all accounts identified as being associated with proxy account fraud within a specified period of time.