Regarded as one of the world’s safest countries from the coronavirus, Taiwan is also one of the few that registered positive economic growth in 2020 with bright prospects for 2021. Its clever handling of the pandemic isn’t the only reason for its resounding success. The country is also benefitting from US-China trade tensions. But one thing is certain, Taiwan is indeed Formosa, a “beautiful island”, within a bleak world environment.
While banks are easy targets to blame, the recent leaks of suspicious-activity reports—revealed by BuzzFeed News in September—instead confirmed that they are fulfilling their roles in the fight against international money laundering. Rather, it is the whole system that is on the verge of collapse and needs to be rethought.