The critically acclaimed thriller has earned nods for best picture, best actor and actress and Lee is in the running for best director and Taiwanese filmmaker of the year, the BBC reported.

"Lust, Caution" has already been disqualified for the Hong Kong Film Awards and the Oscars because the production team did not meet certain criteria in order to enter.

The film did, however, win the top Golden Lion prize at the Venice Film Festival.

Lee previously won the directing Oscar for "Brokeback Mountain" in 2006. His other films include "Sense and Sensibility," "The Ice Storm" and "Crouching Tiger, Hidden Dragon."

Chinese director Wang Quanan's film, "Tuya's Marriage," which won the Golden Bear award at the Berlin Film Festival earlier this year, has been nominated for four Golden Horses, the BBC said.