The Ministry of the Interior is proposing a draft amendment to the Presidential and Vice Presidential Election and Recall Act, which requires transparency in the funding of political advertising and bans media outlets from running ads paid for with foreign money.

Officials say the move is aimed at preventing external elements from attempting to influence Taiwan's elections, including groups or individuals from China, Hong Kong and Macau.

According to the ministry, the draft amendment is based on the U.S. Honest Ads Act and the new rules will require all election-related advertisers say who is funding the ad.

The draft also stipulates that if a media company advertises election-related commercials funded by overseas sources, the company will face a maximum fine of NT$10 million (US$324,080) or a fine double the cost ofthe advertisement.

The ministry has also approved amendments to the Social Order Protection Act, which will allow authorities to detain or fine individuals who knowingly spread false information or new which causes public panic.

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President Tsai Ing-wen dismissed speculation that Premier William Lai is set to step down next month.

She also called for self-reflection and unity within the Democratic Progressive Party (DPP), saying the party needs to regain public trust following its defeat in the recent local elections.

Credit: Reuters / Ann Wang Tsai Ing-wen announces her resignation as chairwoman of the DPP after regional elections on Nov. 24, 2018.

Speaking to reporters during an press conference held in a hallway in the Presidential Building, Tsai said the DPP should take lessons from its heavy defeat in 2008 and understand that "infighting