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Taiwan Takes Action to Combat Virtual Currency Money Laundering

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On February 16, it was reported that the Anti Corruption Section of the Anti Corruption Department of the Ministry of Justice of Taiwan, China, China, issued a…

Taiwan Takes Action to Combat Virtual Currency Money Laundering

On February 16, it was reported that the Anti Corruption Section of the Anti Corruption Department of the Ministry of Justice of Taiwan, China, China, issued a press release saying that “virtual currency platform and transaction business” had been included in the scope of money laundering prevention in consideration of money laundering risks. In view of the fact that virtual currency also has considerable property value, the “Ministry of Legal Affairs” has recently actively discussed the inclusion of virtual currency in the scope of property to be declared under the Public Official Property Declaration Law.

The Independent Commission Against Corruption of the Ministry of Justice of Taiwan: Incorporate virtual currency into the scope of property to be declared under the Public Officials Property Declaration Law

Interpretation of the news:


The press release from the Anti Corruption Section of the Anti Corruption Department of the Ministry of Justice of Taiwan, China, highlights the inclusion of “virtual currency platform and transaction business” in the scope of money laundering prevention. This action was taken because of the significant risks associated with money laundering involving virtual currencies. The inclusion of virtual currency in anti-money laundering laws is an important step towards protecting the integrity of financial systems and combatting illicit activities.

The decision by the Taiwanese government to add virtual currencies to the list of assets to be declared under the Public Official Property Declaration Law is also noteworthy. The Ministry of Legal Affairs has been actively discussing the move, recognizing that cryptocurrencies have considerable property value. This step will help ensure greater transparency, increase accountability, and prevent corruption in the public sector.

The recent move by Taiwan is not unique as governments all around the world are struggling with how to regulate virtual currencies, which present unique challenges due to their decentralized and untraceable nature. The anonymity of some cryptocurrencies has enabled criminals to engage in illicit activities, including tax evasion, money laundering, and terrorism financing. These factors pose a significant risk to the financial stability of countries, which is why governments are increasingly taking stringent measures to address them.

In conclusion, the inclusion of virtual currencies in anti-money laundering laws is a welcome development, and it is heartening to see the Taiwanese government take proactive steps to combat illicit activities that could destabilize its financial system. The move to declare virtual currencies under the Public Official Property Declaration Law is also a significant step towards promoting greater transparency and accountability. Governments around the world should follow Taiwan’s example and take necessary action to regulate the use of virtual currencies to ensure the integrity of their financial systems.

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