[Finance] Taiwan and Belgium Exchange Letters on Financial Cooperation

Under an exchange of letters on financial cooperation completed by Taiwan and Belgium on June 24, the two countries will reinforce bilateral financial oversight through the sharing of information, scheduled meetings and contacts, on-site inspections and visits, and cooperation on financial crime and information confidentiality. The Financial Supervisory Commission (FSC) notes that the banking agencies of each of the two countries have already set up business units in the other country. Taiwan's unit in Belgium is the United Taiwan Bank in Brussels, jointly invested by the Taiwan Cooperative Bank, Bank of Taiwan, Land Bank of Taiwan, and Taiwan Business Bank, while Belgium's KBC Bank and Fortis Bank have established branches in Taiwan. The FSC carried out the exchange of letters with the Banking, Finance and Insurance Commission of Belgium based on the consideration that the competent authorities of the mother country and host country should set up a cooperative oversight relationship. The FSC has long worked to reinforce cross-border financial supervision by signing cooperative agreements with the financial authorities of other countries. Memoranda of understanding or letters of exchange have now been completed with 38 different countries.