Cabinet approves draft amendments to combat terrorist, proliferation financing

The Executive Yuan on Thursday approved the Ministry of Justice's proposed amendments to the Counter-Terrorism Financing Act, which include renaming the act to emphasize its role in preventing the funding of not only terrorism but also the proliferation of weapons of mass destruction (WMDs). The draft amendments will be submitted to the Legislative Yuan for deliberation.

Premier Cho Jung-tai noted that the draft amendments introduce restrictions on activities that facilitate proliferation financing, fortifying the legal framework in response to growing international concern over risks associated with the financing of WMD proliferation, as well as the actions recommended in the third round of mutual evaluation by members of the Asia/Pacific Group on Money Laundering (APG). The draft amendments also broaden the mandate of an existing review committee on counter-terrorist financing to include proliferation financing, strengthening targeted financial sanctions, suspicious transaction reporting and other related mechanisms.

With regard to enhancing international cooperation, the premier said the amendments also propose new articles that prohibit any person from engaging in trade or goods transactions with countries or regions sanctioned by the United Nations Security Council and publicly designated by Taiwan as subject to trade bans or controls. These changes will reinforce the integrity of Taiwan's legal framework for combating both terrorist financing and proliferation financing.