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題名 臺灣銀行業之全球挑戰:防制洗錢與打擊資助恐怖主義–以兆豐國際商業銀行為例
A global challenge of taiwanese banking industry : anti-money laundering and combating the financing of terrorism – a case study of mega international commercial bank
作者 孫曼蓉
Sun, Man-Jung
貢獻者 吳文傑
Wu, Jack
孫曼蓉
Sun, Man-Jung
關鍵詞 洗錢
金融恐怖主義
兆豐國際商業銀行
紐約州金融服務廳
巴拿馬文件
Money Laundering
Financing of Terrorism
Mega International Commercial Bank
New York State Department of Financial Services
日期 2018
上傳時間 2-Feb-2018 11:08:07 (UTC+8)
摘要 Money laundering (ML) involves a wide range of predicate offenses, including drug trafficking, human smuggling, arms smuggling, gambling, fraud, tax evasion, etc. Additionally, money laundering activities had been associated with drug trafficking or organized crime in the past, but the terrorist attacks on September 11th, 2001 have highlighted the link between money laundering activities and terrorist financing (TF). Due to the over-banking phenomenon in Taiwan, banks focus more on business performance than compliance, resulting in the violation incident of Mega International Commercial Bank (Mega Bank) New York Branch with a huge penalty of US$180 million fined by the New York State Department of Financial Services (NYDFS) in August, 2016. The violation incident of Mega Bank New York Branch has reinforced the importance of compliance with international Anti-money laundering/Combating the financing of terrorism (AML/CFT) standards for risk mitigation. Taiwan will undergo the third round of the Asia/Pacific Group on Money Laundering (APG) mutual evaluations in 2018, it calls for not only government legislation but also raising public awareness of ML/TF crimes and involves the public cooperation with the government in the fight against ML/TF.
參考文獻 Alford, Duncan E. (1993), Anti-Money Laundering Regulations: A Burden on Financial Institutions, N.C. J. Int`l L. & Com. Reg., Vol. 19, pp. 437-468

Aluko, Ayodegi (2012), The Impact of Money Laundering on Economic, and Financial Stability and on Political Development of Developing Countries: The case of Nigeria, Journal of Money Laundering Control, Vol. 15, Issue: 4, pp. 442-457

Association of Certified Anti-Money Laundering Specialists (2016), Study Guide, Sixth Edition

Bank for International Settlements (2017), Sound Management of Risks Related to Money Laundering and Financing of Terrorism

FATF (2012), International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation, updated October 2016

FATF (2014), Guidance for a Risk-Based Approach, The Banking Sector, The Banking Sector

FATF and APG (2016), Anti-money laundering and counter-terrorist financing measures - Singapore, Fourth Round Mutual Evaluation Report

Freeman, Michael (2011), The Sources of Terrorist Financing: Theory and Typology, Studies in Conflict & Terrorism, Vol. 34, pp. 461–475

Hung, Jui-Long & Luo, Binjie (2016), FinTech in Taiwan: A Case Study of a Bank’s Strategic Planning for an Investment in a FinTech Company, Financial Innovation, Vol. 2, Issue: 15

Jayasuriya, Dayanath (2003), Money Laundering and Terrorism Financing: The Role of Capital Market Regulators, Journal of Financial Crime, Vol. 10, Issue: 1, pp. 30-36


Krieger, Tim and Meierrieks, Daniel (2011), Terrorist Financing and Money Laundering, University of Freiburg

Mcgee, Robert W. (2017), The Panama Papers: A Discussion of Some Ethical Issues, Journal of Insurance and Financial Management, Vol. 3, Issue: 3, pp. 1-41

Mega Financial Holding Co., Ltd. (2016), Dodd-Frank Act Section 165(d), 2016 Resolution Plan, Part I: Public Section

Mega International Commercial Bank (2017), Annual Report 2016

Monetary Authority of Singapore (2015), Guidelines to MAS Notice 626 on Prevention of Money Laundering and Countering the Financing of Terrorism

Mulig, Elizabeth Vallery and Smith, L. Murphy (2004), Understanding and Preventing Money Laundering, Internal Auditing, Vol. 19, Issue: 5, pp. 22-25

New York State Department of Financial Services (2013), Consent Order to Bank of Tokyo Mitsubishi UFJ

New York State Department of Financial Services (2014), Consent Order to Bank Leumi
New York State Department of Financial Services (2014), Consent Order to Bank of Tokyo Mitsubishi UFJ

New York State Department of Financial Services (2014), Consent Order to BNP Paribas (BNPP)

New York State Department of Financial Services (2014), Consent Order to Credit Suisse AG
New York State Department of Financial Services (2014), Consent Order to Standard Chartered Bank, New York Branch

New York State Department of Financial Services (2015), Consent Order to Commerzbank
New York State Department of Financial Services (2016), Consent Order to Agricultural Bank of China Limited

New York State Department of Financial Services (2016), Consent Order to Intesa Sanpaolo S.p.A.

New York State Department of Financial Services (2016), Consent Order to Mega International Commercial Bank of Taiwan

New York State Department of Financial Services (2017), Consent Order to Deutsche Bank AG and Deutsche Bank AG New York Branch

O’Donovan, James, Wagner, Hannes F., and Zeume, Stefan (2016), The Value of Offshore Secrets: Evidence from the Panama Papers, INSEAD, Bocconi University, and University of Michigan

Rahman, Aspalella A. (2008), An Analysis of the Malaysian Anti-Money Laundering Laws and Their Impact on Banking Institutions, thesis for the degree of Doctor of Philosophy of Faculty of Law, The University of Western Australia

Schneider, Friedrich (2008), Money Laundering and Financial Means of Organized Crime: Some Preliminary Empirical Findings, GBER, Vol. 10, Issue: 3

The Association of Banks in Singapore (2015), ABS Guidelines on Anti-Money Laundering and Countering the Financing of Terrorism

The Banker (2017), Top 1000 World Banks 2017

The Bankers Association of the Republic of China (2017), Guidelines to Banks on Money Laundering and Terrorist Financing Risks Assessment and Relevant Prevention Program

The Bankers Association of the Republic of China (2017), Template of Directions Governing Anti-Money Laundering and Countering the Financing of Terrorism of Banks


Trautman, Lawrence J. (2017), Following the Money: Lessons from the Panama Papers, Part 1: Tip of the Iceberg, Penn St. L. Rev., Vol. 121, pp. 807-873

Chinese Reference:

吳瓊佩 (2014),我國銀行法令遵循制度之研究,國立政治大學法學院法律科際整合研究所碩士學位論文。

邱莉婷 (2011),我國金融服務業發展之回顧與展望,經濟研究第11期,pp. 171-197

張迺佳 (2016),我國商業銀行洗錢防制與打擊資助恐怖主義法規範之問題與對策探討,國立政治大學法律學系碩士在職專班碩士學位論文。

Reference Websites:

Anti-Money Laundering Division, Investigation Bureau, Ministry of Justice, Available at:
https://www.mjib.gov.tw/EditPage/?PageID=3bf48af4-bfbe-41e3-9137-d908e16eb1cc

Asia/Pacific Group on Money Laundering (APG), Available at:
http://www.apgml.org/about-us/page.aspx?p=91ce25ec-db8a-424c-9018-8bd1f6869162
http://www.apgml.org/about-us/page.aspx?p=ac38f87e-2341-43e6-84b2-4dbd6346f6c3
http://www.apgml.org/fatf-and-fsrb/page.aspx?p=94065425-e6aa-479f-8701-5ca5d07ccfe8
http://www.apgml.org/members-and-observers/page.aspx?p=8c32704a-5829-4671-873c-7b5a23ced347
http://www.apgml.org/methods-and-trends/page.aspx?p=a4a11dca-75f2-4dae-9c25-6215103e56da

Chinatimes, Available at:
http://www.chinatimes.com/newspapers/20160824000360-260102
Commercial Times, Available at:
https://ctee.com.tw/News/ViewCateNews.aspx?newsid=155514&cateid=cjzc

Compliance Alert, Available at:
http://www.calert.info/details.php?id=944

Council on Foreign Relations (CFR), Available at:
https://www.cfr.org/backgrounder/what-are-economic-sanctions

Executive Yuan, Republic of China (Taiwan), Available at:
http://english.ey.gov.tw/News_Content.aspx?n=3FA02B129BCA256C&sms=925E4E62B451AB83&s=DEED8C612AC1786A
http://english.ey.gov.tw/News_Hot_Topic.aspx?n=0575F174E90C38F0&sms=2413CFE1BCE87E0E
http://english.ey.gov.tw/News_Hot_Topic.aspx?n=5D67267C4F593FE7&sms=7F46BDB40CA63F10

Financial Action Task Force (FATF), Available at:
http://www.fatf-gafi.org/about/
http://www.fatf-gafi.org/about/whatwedo/

Financial Supervisory Commission, Banking Bureau, Available at:
https://www.banking.gov.tw/en/home.jsp?id=18&parentpath=0,5
https://www.banking.gov.tw/ch/home.jsp?id=157&parentpath=0,4&mcustomize=bstatistics_view.jsp&serno=201105120009

Focus Taiwan, Available at:
http://focustaiwan.tw/news/aipl/201703160021.aspx

Forbes, Available at:
https://www.forbes.com/sites/niallmccarthy/2016/04/04/the-most-popular-tax-havens-in-the-panama-papers-infographic/#15e27ab34a93

International Consortium of Investigative Journalists (ICIJ), Available at:
https://panamapapers.icij.org/graphs/
International Financial Law Review (IFLR), Available at:
http://www.iflr.com/Article/3748204/New-anti-money-laundering-legislation-in-Taiwan-Implementation-of-the-newly-amended-Money-Laundering.html

International Monetary Fund (IMF), Available at:
http://www.imf.org/external/pubs/ft/fandd/2002/12/elqorchi.htm
KYC360, Available at:
https://kyc360.com/article/podcast-everyday-money-laundering/

Mega International Commercial Bank, Available at:
https://www.megabank.com.tw/en/about.asp
https://www.megabank.com.tw/en/about_oc.asp
https://www.megabank.com.tw/en/dload01.asp
https://www.megabank.com.tw/other/event_01.asp?sno=810
https://www.megabank.com.tw/en/Press_Release20160819.asp

Ministry of Foreign Affairs, Republic of China (Taiwan), Taipei Liaison Office in the RSA, Available at:
http://www.roc-taiwan.org/za_en/post/4821.html

Monetary Authority of Singapore (MAS), Available at:
http://www.mas.gov.sg/News-and-Publications/Media-Releases/2016/Singapore-Has-Strong-Framework-for-Combatting-Money-Laundering-and-Terrorism-Financing.aspx

Newsweek U.S. Edition, Available at:
http://www.newsweek.com/panama-papers-top-ten-tax-havens-where-money-hidden-444512

New York State Department of Financial Services (NYDFS), Available at:
http://www.dfs.ny.gov/about/eagen.htm

SWI swissinfo.ch., Available at:
https://www.swissinfo.ch/eng/secret-banking_switzerland-still-tops-financial-secrecy-index/41755204

Tax Justice Network (TJN), Available at:
http://www.financialsecrecyindex.com/introduction/fsi-2015-results

The Atlantic, Available at:
https://www.theatlantic.com/international/archive/2016/04/panama-papers-tax-havens-world/477042/

The Egmont Group of Financial Intelligence Units, Available at:
https://www.egmontgroup.org/en/content/about

The Wolfsberg Group, Available at:
http://www.wolfsberg-principles.com/index.html

TheNewsLens, Available at:
https://international.thenewslens.com/article/79235

United Nations Office on Drugs and Crime (UNODC), Available at:
https://www.unodc.org/unodc/en/about-unodc/index.html?ref=menutop
https://www.unodc.org/unodc/en/money-laundering/laundrycycle.html

World Economic Forum, Available at:
https://www.weforum.org/agenda/2016/04/5-charts-on-the-panama-papers-leaks
描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
105933011
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105933011
資料類型 thesis
dc.contributor.advisor 吳文傑zh_TW
dc.contributor.advisor Wu, Jacken_US
dc.contributor.author (Authors) 孫曼蓉zh_TW
dc.contributor.author (Authors) Sun, Man-Jungen_US
dc.creator (作者) 孫曼蓉zh_TW
dc.creator (作者) Sun, Man-Jungen_US
dc.date (日期) 2018en_US
dc.date.accessioned 2-Feb-2018 11:08:07 (UTC+8)-
dc.date.available 2-Feb-2018 11:08:07 (UTC+8)-
dc.date.issued (上傳時間) 2-Feb-2018 11:08:07 (UTC+8)-
dc.identifier (Other Identifiers) G0105933011en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/115735-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營管理英語碩士學位學程(IMBA)zh_TW
dc.description (描述) 105933011zh_TW
dc.description.abstract (摘要) Money laundering (ML) involves a wide range of predicate offenses, including drug trafficking, human smuggling, arms smuggling, gambling, fraud, tax evasion, etc. Additionally, money laundering activities had been associated with drug trafficking or organized crime in the past, but the terrorist attacks on September 11th, 2001 have highlighted the link between money laundering activities and terrorist financing (TF). Due to the over-banking phenomenon in Taiwan, banks focus more on business performance than compliance, resulting in the violation incident of Mega International Commercial Bank (Mega Bank) New York Branch with a huge penalty of US$180 million fined by the New York State Department of Financial Services (NYDFS) in August, 2016. The violation incident of Mega Bank New York Branch has reinforced the importance of compliance with international Anti-money laundering/Combating the financing of terrorism (AML/CFT) standards for risk mitigation. Taiwan will undergo the third round of the Asia/Pacific Group on Money Laundering (APG) mutual evaluations in 2018, it calls for not only government legislation but also raising public awareness of ML/TF crimes and involves the public cooperation with the government in the fight against ML/TF.en_US
dc.description.tableofcontents 1. Introduction 1
1.1. Background and Motivation for the Study 1
1.2. Methodology of the Study 2
1.3. Limitation of the Study 3
1.4. Framework of the Study 3
2. Money Laundering and Terrorist Financing 6
2.1. The Role of Banking System Involved in Money Laundering Activities 6
2.2. Overview and Background of Money Laundering 7
2.3. Money Laundering Cycle 8
2.4. Methods and Typologies of Money Laundering Activities 11
2.5. Link Between Money Laundering and Terrorist Financing 16
2.6. The Impacts of Money Laundering 19
2.7. Where the Money is Hidden 22
2.8. International Organizations on Money Laundering 27
2.8.1. United Nations Office on Drugs and Crime (UNODC) 27
2.8.2. Financial Action Task Force (FATF) 28
2.8.3. Asia/Pacific Group on Money Laundering (APG) 31
2.8.4. The Egmont Group of Financial Intelligence Units 34
2.8.5. The Wolfsberg Group 35
3. Anti-Money Laundering Legislation in Taiwan 36
4. Case Study of Mega International Commercial Bank 42
4.1. Overview of Mega International Commercial Bank 42
4.2. Violation Incident of Mega Bank New York Branch 46
4.3. Taiwanese Banking Industry Review 51
4.4. The Impacts of AML/CFT on the Operations of Mega Bank 54
4.4.1. Reform a Business Culture of Compliance and Internal Control 54
4.4.2. Establish an Effective AML/CFT Program 56
5. Conclusion and Recommendation 72
Reference 76
zh_TW
dc.format.extent 1840570 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105933011en_US
dc.subject (關鍵詞) 洗錢zh_TW
dc.subject (關鍵詞) 金融恐怖主義zh_TW
dc.subject (關鍵詞) 兆豐國際商業銀行zh_TW
dc.subject (關鍵詞) 紐約州金融服務廳zh_TW
dc.subject (關鍵詞) 巴拿馬文件zh_TW
dc.subject (關鍵詞) Money Launderingen_US
dc.subject (關鍵詞) Financing of Terrorismen_US
dc.subject (關鍵詞) Mega International Commercial Banken_US
dc.subject (關鍵詞) New York State Department of Financial Servicesen_US
dc.title (題名) 臺灣銀行業之全球挑戰:防制洗錢與打擊資助恐怖主義–以兆豐國際商業銀行為例zh_TW
dc.title (題名) A global challenge of taiwanese banking industry : anti-money laundering and combating the financing of terrorism – a case study of mega international commercial banken_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Alford, Duncan E. (1993), Anti-Money Laundering Regulations: A Burden on Financial Institutions, N.C. J. Int`l L. & Com. Reg., Vol. 19, pp. 437-468

Aluko, Ayodegi (2012), The Impact of Money Laundering on Economic, and Financial Stability and on Political Development of Developing Countries: The case of Nigeria, Journal of Money Laundering Control, Vol. 15, Issue: 4, pp. 442-457

Association of Certified Anti-Money Laundering Specialists (2016), Study Guide, Sixth Edition

Bank for International Settlements (2017), Sound Management of Risks Related to Money Laundering and Financing of Terrorism

FATF (2012), International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation, updated October 2016

FATF (2014), Guidance for a Risk-Based Approach, The Banking Sector, The Banking Sector

FATF and APG (2016), Anti-money laundering and counter-terrorist financing measures - Singapore, Fourth Round Mutual Evaluation Report

Freeman, Michael (2011), The Sources of Terrorist Financing: Theory and Typology, Studies in Conflict & Terrorism, Vol. 34, pp. 461–475

Hung, Jui-Long & Luo, Binjie (2016), FinTech in Taiwan: A Case Study of a Bank’s Strategic Planning for an Investment in a FinTech Company, Financial Innovation, Vol. 2, Issue: 15

Jayasuriya, Dayanath (2003), Money Laundering and Terrorism Financing: The Role of Capital Market Regulators, Journal of Financial Crime, Vol. 10, Issue: 1, pp. 30-36


Krieger, Tim and Meierrieks, Daniel (2011), Terrorist Financing and Money Laundering, University of Freiburg

Mcgee, Robert W. (2017), The Panama Papers: A Discussion of Some Ethical Issues, Journal of Insurance and Financial Management, Vol. 3, Issue: 3, pp. 1-41

Mega Financial Holding Co., Ltd. (2016), Dodd-Frank Act Section 165(d), 2016 Resolution Plan, Part I: Public Section

Mega International Commercial Bank (2017), Annual Report 2016

Monetary Authority of Singapore (2015), Guidelines to MAS Notice 626 on Prevention of Money Laundering and Countering the Financing of Terrorism

Mulig, Elizabeth Vallery and Smith, L. Murphy (2004), Understanding and Preventing Money Laundering, Internal Auditing, Vol. 19, Issue: 5, pp. 22-25

New York State Department of Financial Services (2013), Consent Order to Bank of Tokyo Mitsubishi UFJ

New York State Department of Financial Services (2014), Consent Order to Bank Leumi
New York State Department of Financial Services (2014), Consent Order to Bank of Tokyo Mitsubishi UFJ

New York State Department of Financial Services (2014), Consent Order to BNP Paribas (BNPP)

New York State Department of Financial Services (2014), Consent Order to Credit Suisse AG
New York State Department of Financial Services (2014), Consent Order to Standard Chartered Bank, New York Branch

New York State Department of Financial Services (2015), Consent Order to Commerzbank
New York State Department of Financial Services (2016), Consent Order to Agricultural Bank of China Limited

New York State Department of Financial Services (2016), Consent Order to Intesa Sanpaolo S.p.A.

New York State Department of Financial Services (2016), Consent Order to Mega International Commercial Bank of Taiwan

New York State Department of Financial Services (2017), Consent Order to Deutsche Bank AG and Deutsche Bank AG New York Branch

O’Donovan, James, Wagner, Hannes F., and Zeume, Stefan (2016), The Value of Offshore Secrets: Evidence from the Panama Papers, INSEAD, Bocconi University, and University of Michigan

Rahman, Aspalella A. (2008), An Analysis of the Malaysian Anti-Money Laundering Laws and Their Impact on Banking Institutions, thesis for the degree of Doctor of Philosophy of Faculty of Law, The University of Western Australia

Schneider, Friedrich (2008), Money Laundering and Financial Means of Organized Crime: Some Preliminary Empirical Findings, GBER, Vol. 10, Issue: 3

The Association of Banks in Singapore (2015), ABS Guidelines on Anti-Money Laundering and Countering the Financing of Terrorism

The Banker (2017), Top 1000 World Banks 2017

The Bankers Association of the Republic of China (2017), Guidelines to Banks on Money Laundering and Terrorist Financing Risks Assessment and Relevant Prevention Program

The Bankers Association of the Republic of China (2017), Template of Directions Governing Anti-Money Laundering and Countering the Financing of Terrorism of Banks


Trautman, Lawrence J. (2017), Following the Money: Lessons from the Panama Papers, Part 1: Tip of the Iceberg, Penn St. L. Rev., Vol. 121, pp. 807-873

Chinese Reference:

吳瓊佩 (2014),我國銀行法令遵循制度之研究,國立政治大學法學院法律科際整合研究所碩士學位論文。

邱莉婷 (2011),我國金融服務業發展之回顧與展望,經濟研究第11期,pp. 171-197

張迺佳 (2016),我國商業銀行洗錢防制與打擊資助恐怖主義法規範之問題與對策探討,國立政治大學法律學系碩士在職專班碩士學位論文。

Reference Websites:

Anti-Money Laundering Division, Investigation Bureau, Ministry of Justice, Available at:
https://www.mjib.gov.tw/EditPage/?PageID=3bf48af4-bfbe-41e3-9137-d908e16eb1cc

Asia/Pacific Group on Money Laundering (APG), Available at:
http://www.apgml.org/about-us/page.aspx?p=91ce25ec-db8a-424c-9018-8bd1f6869162
http://www.apgml.org/about-us/page.aspx?p=ac38f87e-2341-43e6-84b2-4dbd6346f6c3
http://www.apgml.org/fatf-and-fsrb/page.aspx?p=94065425-e6aa-479f-8701-5ca5d07ccfe8
http://www.apgml.org/members-and-observers/page.aspx?p=8c32704a-5829-4671-873c-7b5a23ced347
http://www.apgml.org/methods-and-trends/page.aspx?p=a4a11dca-75f2-4dae-9c25-6215103e56da

Chinatimes, Available at:
http://www.chinatimes.com/newspapers/20160824000360-260102
Commercial Times, Available at:
https://ctee.com.tw/News/ViewCateNews.aspx?newsid=155514&cateid=cjzc

Compliance Alert, Available at:
http://www.calert.info/details.php?id=944

Council on Foreign Relations (CFR), Available at:
https://www.cfr.org/backgrounder/what-are-economic-sanctions

Executive Yuan, Republic of China (Taiwan), Available at:
http://english.ey.gov.tw/News_Content.aspx?n=3FA02B129BCA256C&sms=925E4E62B451AB83&s=DEED8C612AC1786A
http://english.ey.gov.tw/News_Hot_Topic.aspx?n=0575F174E90C38F0&sms=2413CFE1BCE87E0E
http://english.ey.gov.tw/News_Hot_Topic.aspx?n=5D67267C4F593FE7&sms=7F46BDB40CA63F10

Financial Action Task Force (FATF), Available at:
http://www.fatf-gafi.org/about/
http://www.fatf-gafi.org/about/whatwedo/

Financial Supervisory Commission, Banking Bureau, Available at:
https://www.banking.gov.tw/en/home.jsp?id=18&parentpath=0,5
https://www.banking.gov.tw/ch/home.jsp?id=157&parentpath=0,4&mcustomize=bstatistics_view.jsp&serno=201105120009

Focus Taiwan, Available at:
http://focustaiwan.tw/news/aipl/201703160021.aspx

Forbes, Available at:
https://www.forbes.com/sites/niallmccarthy/2016/04/04/the-most-popular-tax-havens-in-the-panama-papers-infographic/#15e27ab34a93

International Consortium of Investigative Journalists (ICIJ), Available at:
https://panamapapers.icij.org/graphs/
International Financial Law Review (IFLR), Available at:
http://www.iflr.com/Article/3748204/New-anti-money-laundering-legislation-in-Taiwan-Implementation-of-the-newly-amended-Money-Laundering.html

International Monetary Fund (IMF), Available at:
http://www.imf.org/external/pubs/ft/fandd/2002/12/elqorchi.htm
KYC360, Available at:
https://kyc360.com/article/podcast-everyday-money-laundering/

Mega International Commercial Bank, Available at:
https://www.megabank.com.tw/en/about.asp
https://www.megabank.com.tw/en/about_oc.asp
https://www.megabank.com.tw/en/dload01.asp
https://www.megabank.com.tw/other/event_01.asp?sno=810
https://www.megabank.com.tw/en/Press_Release20160819.asp

Ministry of Foreign Affairs, Republic of China (Taiwan), Taipei Liaison Office in the RSA, Available at:
http://www.roc-taiwan.org/za_en/post/4821.html

Monetary Authority of Singapore (MAS), Available at:
http://www.mas.gov.sg/News-and-Publications/Media-Releases/2016/Singapore-Has-Strong-Framework-for-Combatting-Money-Laundering-and-Terrorism-Financing.aspx

Newsweek U.S. Edition, Available at:
http://www.newsweek.com/panama-papers-top-ten-tax-havens-where-money-hidden-444512

New York State Department of Financial Services (NYDFS), Available at:
http://www.dfs.ny.gov/about/eagen.htm

SWI swissinfo.ch., Available at:
https://www.swissinfo.ch/eng/secret-banking_switzerland-still-tops-financial-secrecy-index/41755204

Tax Justice Network (TJN), Available at:
http://www.financialsecrecyindex.com/introduction/fsi-2015-results

The Atlantic, Available at:
https://www.theatlantic.com/international/archive/2016/04/panama-papers-tax-havens-world/477042/

The Egmont Group of Financial Intelligence Units, Available at:
https://www.egmontgroup.org/en/content/about

The Wolfsberg Group, Available at:
http://www.wolfsberg-principles.com/index.html

TheNewsLens, Available at:
https://international.thenewslens.com/article/79235

United Nations Office on Drugs and Crime (UNODC), Available at:
https://www.unodc.org/unodc/en/about-unodc/index.html?ref=menutop
https://www.unodc.org/unodc/en/money-laundering/laundrycycle.html

World Economic Forum, Available at:
https://www.weforum.org/agenda/2016/04/5-charts-on-the-panama-papers-leaks
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