Former President of Taiwan laundered money to Swiss Bank
The Former President of Taiwan has admitted to wiring money to a bank in Switzerland as part of a corruption investigation.
Taiwan will enlist the help of U.S. and Singaporean authorities in an investigation into alleged money laundering by former President Chen Shui-bian, an official said.
Taiwan has been working with Swiss authorities with a probe into the financial dealings of Chen, who admitted wiring US$20 million to his daughter-in-law’s Swiss bank account, said Vice Justice Minister Huang Shih-ming.
The inquiries will be extended to Singapore and the United States, where part of that money is suspected to have been forwarded or transferred, Huang said.
Chen admitted last week that he broke the law by not fully disclosing campaign donations he had received, after a lawmaker alleged that Chen’s son and daughter-in-law moved the money to Switzerland in 2007, and then forwarded the funds to the Cayman Islands.
Taiwan’s Foreign Ministry subsequently confirmed that Swiss authorities had asked the island to cooperate in the case.
