The government has set up a task force that will supervise the inquiry into the Mega International Commercial Bank’s violation of US money-laundering rules.
The New York Department of Financial Services (DFS) fined the bank’s New York branch US$180 million in mid-August. The bank was charged with allegedly violating the US Bank Secrecy Act and money-laundering regulations back in 2012.
Premier Lin Chuan said the eight-member task force demonstrates the government’s determination to investigate the case. Lin also said it’s sad and regrettable that the bank was involved in alleged money laundering.
The Financial Supervisory Commission (FSC) has already questioned 28 top bank executives. Together with the justice ministry, the FSC will also seek to make a further “clarification” of whether the bank was depleting its money.