Regulator says former employee attempted to deceive bank on client application.
Jens Sturzenegger the first foreigner to be prosecuted in relation to the affair.
Move aims to avoid restrictions on Taiwan’s overseas financial institutions.
SECP chairman says to also prioritise ease of doing business and regulatory framework development.
Trusts have been used as alternative financing channel for companies.
Large transaction reporting threshold reduced to $7,200.
Previously only reported number of clients and total amount held in Taiwanese accounts.
Secrecy law is the only issue preventing regulator from joining IOSCO.
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Move would ‘reduce illicit money inflow, and reduce the size of undocumented economy’.