Financial Institutions are often used as intermediaries that allow money laundering actors to gain feloniously derived financial profits. Most countries regulate Financial Institutions in an effort to prevent money laundering. Many financial institutions still lack awareness of money laundering schemes even though the Money Laundry Control Act has been promulgated since 1996. Mega International Commercial Bank was fined by New York Regulator for an anti-laundering violations and Taiwan will soon need to get ready for mutual evaluations conducted by Asia/Pacific Group on Money Laundering in 2018.Due to this it was announced on Dec 28th, 2016 that the Money Laundering Control Act will be amended by June 28, 2017. This amended version of the act will strengthen regulations and provisions for preventing money laundry. This article is going to have a Thorough discussion based on financial institution aspect, and go over regulations and provisions that are currently taking effects in taiwan with comparison with US and British Laws; furthermore it provides introduction of the leverage in the amended Money Laundering Control Act. Finally it will conclude with suggestions of how to improve the works of Taiwan anti-money laundry in practical ways.
