Taiwan has cracked down on underground money networks it says foreign forces could use to sway its upcoming local elections — bad news for money launderers and for anyone hoping to buy influence, good news for election integrity.

• Investigators seized more than NT$62.8 billion in dirty money across 54 cases, searching 202 locations and questioning 559 people.
• The money came from underground remittance rings, fraud and gambling laundering hubs, shell companies, and bought-up e-commerce accounts.
• The main worry is Chinese money slipping into Taiwan through back channels before the nine-in-one local elections.
• Seized loot included cash, hundreds of illegal bank accounts, luxury cars, designer bags, watches, dozens of properties, and a stash of USDT stablecoin.
• Hong Kong operators were also found setting up laundering hubs in Taiwan to handle money for offshore gambling sites.

Outlook: Expect more raids on underground banking and laundering rings in the run-up to the vote, with candidates warned not to touch foreign-sourced campaign cash.