Amendments to Money Laundering Control Act
The Amendments of Money Laundering Control Act have been announced by the Taiwan Ministry of Justice on June 14th, 2023. The major changes includes:
1. Imposing criminal liability on those who collect bank accounts or other financial related accounts of other people without fair reason. The maximum penalty would be 5 years of imprisonment; in lieu thereof, or in addition thereto, a fine not more than 30 million dollars.
2. Regulating that anyone shall not provide his/her own bank account or other financial related account to any other person without fair reason. For people violating this rule for the first time, an administrative warning would be issued. However, if anyone violates this rule twice or more within 5 years after the first-time violation, there would be a penalty of maximum 3 years imprisonment.
3. Requesting financial institution, online transaction platform, or payment service provider to enhance their risk control for high risk bank accounts or other financial related accounts.4. Adding extraterritorial effects of the Money Laundering Control Act.
Ministry of Digital Affairs published the Draft Amendment of Electronic Signatures Act
Due to the comprehensive use of digitalized content in the present days and the acceptability of digitalization by the general public, the Taiwan Ministry of Digital Affairs published the Draft Amendment of Electronic Signatures Act last June, making the use of Electronic Signature easier in Taiwan.
One of the major issues is that the Electronic Signature would be presumed as a genuine signature made by the signer, and the prior consent of Electronic Signature from the other party is not necessary. However, the other party shall still have the right to refuse accepting the Electronic Signature, or ask for other method of signature.
In addition, since the Electronic Signature would be presumed as a genuine signature made by the signer, the other party may provide evidence to prove that the Electronic Signature was not made by the signer if there is any dispute in the future.
AI Regulation will be Enacted in September 2023
Due to the popularity of artificial intelligence (AI), such as ChatGPT, National Communication Commission (NCC) is now discussing with Taiwan Ministry of Digital Affairs, the National Science and Technology Council, and the Ministry of Culture to enact an “Artificial Intelligence Basic Law” to regulates the AI related issues, such as copyright, misinformation, ethics, etc.
The new rule is expected to be enacted in September 2023. In addition, if needed, all the related ministries will check and revise the related rules to be in accordance with the “Artificial Intelligence Basic Law”.
According to National Communications Commission (NCC), the most important issues of AI should be the use of AI Generated Content of the broadcast and television media. In general, when the media uses any AI Generated Content, they must follow the relevant rules and make sure that the AI Generated Content is true. NCC said that they will draft the AI rule based on the above consideration and other issues discussed with other ministries.