According to statistics, there are currently more than 700,000 foreign workers in Taiwan. In the first 11 months of the year (2018), the total amount of remittances exceeded US$2.8 billion, and the annual remittance tallied to approximately US$3 billion (equivalent to NT$92.4 billion). The Central Bank announced on March 29th, 2019 that it will amend the “Banking Assistance to Client’s Incoming and Outgoing Wire or all Wire Transactions Guideline”, and simplify the reporting process for foreign workers’ intermediary agencies to repatriate funds on their behalf, and will take effect immediately.
The central bank announced today that it will amend the 27th point in the “Banking Assistance to Client’s Incoming and Outgoing Wire or all Wire Transactions Guideline”, such that the relevant private employment service agencies should file international remittance documents on behalf of foreign workers, and delete the part “Private Employment Service Agency to engage in evaluation of quality and service of foreign worker agencies”
He Peizhen, deputy director of the Foreign Exchange Bureau of the Central Bank, pointed out that the “Certificate of Appraisal” issued by the Ministry of Labor aims to assess the quality of service of foreign workers and employers of private employment services, and not measuring if relevant businesses could provide proof of remittances for foreign workers. Also, considering that the Ministry of Labor has established management regulations for private employment service agencies, and established a “Private Employment Service Inquiries System” on their website, such that banks could verify permit validity and evaluation results of relevant private employment service agencies whenever remittances are made by foreign workers.
In addition, the banking industry should follow the following acts and regulations for each remittance, which are the Money Laundering Control Act, the Anti-terrorism Finance Act, and regulations set by the Financial Supervision and Management Committee. After the third round of mutual assessment by The Asia/Pacific Group on Money Laundering (APG), and determined that the banking industry has significantly improved the implementation of relevant risk-based anti-money laundering measures and anti-terrorism finance regulations.
He Peizhen said that there are currently more than 700,000 foreign workers in Taiwan. In the first 11 months of last year, the remittances exceeded US$2.8 billion. On average, each foreign worker remitted US$367 a month and remitted US$3 billion a year. On average, the monthly income of family caregiver is about US$647, and for those working in the industrial sector, it is about US$902.
With the increase in basic wages in Taiwan and the increase in the number of foreign workers facilitated by the government, it is estimated that the sum of foreign workers remittance will increase in the future.