Cayman Islands Bank Cited In Former Taiwan President`s `Laundering` Case- AML-CFT

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Money laundering has a corrosive effect on a country's economy, government, and social well-being. It distorts business decisions, increases the risk of bank failures, takes control of economic policy away from the government, harms a country's reputation, and exposes its people to drug trafficking, smuggling, and other criminal activity.

Given the technological advantages money launderers now employ, a high level of cooperation is necessary to keep them in check.

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The family of former Taiwan President, Chen Shui-bian, is accused of laundering money in several overseas accounts, including in the Cayman Islands.

Chen`s family is suspected of depositing at least T$1 billion in banks in Japan, the United States, the Cayman Islands, Singapore and Switzerland, among other places, Taiwan media reports indicate.

But Chen has denied any wrongdoing.

`There is absolutely no graft, absolutely no stolen money,` he told a news conference this week.

Chen has admitted `expatriating` $20 million, but claims the money came from unused campaign contributions - permissible under Taiwan's law at the time - and was intended to underwrite the island's `diplomatic work.`

Source: Carib World News

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