Taiwan and Vatican sign anti-money laundering agreement

Taiwan and the Vatican have agreed to cooperate in the fight against international money laundering.

The two sides signed a memorandum of understanding (MOU) on the issue on Monday. In addition to working together on combatting and preventing money laundering, the two sides have also agreed to exchange financial information about suspected funders of terrorism.

Pope Francis has been eager to reform the Vatican Bank in the wake of several money laundering scandals. So far, the Vatican has signed anti-money laundering MOUs with 39 countries. Taiwan is the first of these in the Asia-Pacific region. Under the agreement, the two sides will share information if there is suspicion that banks on one side have been used for money laundering.

Taiwan's representative at the signing was Lee Hung-jin, head of the Investigation Bureau's Anti-Money Laundering Division. Lee said the emergence of new techniques has made money laundering more difficult to prevent. He said he and his Vatican counterpart shared their experiences, and that he feels the need for international cooperation in the fight against money laundering.

Source: Radio Taiwan International

Taiwan and Vatican sign anti-money laundering agreement

Taiwan and the Vatican have agreed to cooperate in the fight against international money laundering.

The two sides signed a memorandum of understanding (MOU) on the issue on Monday. In addition to working together on combatting and preventing money laundering, the two sides have also agreed to exchange financial information about suspected funders of terrorism.

Pope Francis has been eager to reform the Vatican Bank in the wake of several money laundering scandals. So far, the Vatican has signed anti-money laundering MOUs with 39 countries. Taiwan is the first of these in the Asia-Pacific region. Under the agreement, the two sides will share information if there is suspicion that banks on one side have been used for money laundering.

Taiwan's representative at the signing was Lee Hung-jin, head of the Investigation Bureau's Anti-Money Laundering Division. Lee said the emergence of new techniques has made money laundering more difficult to prevent. He said he and his Vatican counterpart shared their experiences, and that he feels the need for international cooperation in the fight against money laundering.

Source: Radio Taiwan International