To curb financial crimes, the Executive Yuan passed seven drafts; Fianancial rules amended; criminal punishments raise comprehensively
E021231Y8 Jan. 2003（E41）
To effectively curb financial crimes, the Executive Yuan convened a meeting on Dec 31 to passed the seven amendment drafts of the “Banking Law,” the “Financial Holding Company Act,” the “Law Governing Bills Finance Business,” the “Trust Enterprise Law,” the “Credit Cooperative Act,” the “Insurance Law,” and the “Securities and Exchange Law.” Criminal provisions were substantially raised. The term of imprisonment for an offender who gains over 100 million from committing financial crimes will be increased. The minimum term of imprisonment is seven years but no limit to the maximum. The amount of fines can be over NT$25 million but no more than NT$ 500 million. The assets gained from committing the crimes can be confiscated.
The five laws including the Banking Law, the Financial Holding Company Act, the Law Governing Bills Finance Business, the Trust Enterprise Law and the Credit Cooperative Act jointly add provisions for criminal liability against the act of deceiving financial organizations. An offender who gains over NT$100 million from committing the crime shall be punished with imprisonment of over three years but no more than 10 years, and may also receive a fine of no less than NT$10 million but no more than NT$200 million.
Concerning the Securities and Exchange Law, provisions were added to regulate the acts of directors, supervisors or managers who embezzle public funds by taking advantage of their post, or take away company assets by taking advantage of their authority. An offender of such provisions is subject to imprisonment of over three years but not more than 10 years, and may also receive a fine of no less than NT$10 million but no more than NT$200 million.
Besides, the requirements for an accountant’s liability were clearly defined and regulated concerning an accountant’s act of issuing false financial statements. Provisions were also added concerning the liability to publicly releasing the false financial statements issued by the company manager and the host accountant. An offender of such provisions is subject to imprisonment of over one year but no more than seven years, and may receive a fine of no more than NT20 million.
