Taiwan drops Mega Financial case

TAIPEI: Taiwanese prosecutors said yesterday they will not indict Mega Financial Holding Co Ltd for violating anti-money laundering rules, after allegations were brought against it by United States authorities. Prosecutors said while Mega Financial might have violated US rules out of ignorance, there was no evidence of intentional wrongdoing. The probe sparked criticism about the effectiveness of the island’s financial regulator and led to the resignation of the Financial Supervisory Commission’s chairman.