Legislative Yuan passed preliminary deliberation of amendment to Banking Law; Min.　seven-year imprisonment with max. 500bn fine for financial crimes with proceeds over 100bn

  The Finance Committee of the Legislative Yuan on March 13 reviewed and passed an amendment to the Banking Law which significantly increase the punishment and fines on financial crimes, such as hacker invasion, credit card fraud, non-financial institutions illegally absorbing capital, the responsible person or employee of a bank making undue profits or acting in breach of trust, and financial crimes causing stock market plunge or bank run will be dealt with by aggravated punishment.

  The heaviest punishment provided in the current Banking Law is three to ten years in prison, and the maximum fine is below NT$100 million.  The amount of fine provided in the amendment is raised to between NT$10 million and NT$200 million, and a prison term of more than seven years with a fine between NT$25 million and NT$500 million will be imposed on perpetrators gaining criminal proceeds of over NT$100 million.