Tai­wan drops Mega Fi­nan­cial case

New Straits Times - - Business | World -

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.

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