National Agencies Take Strategic Measures Against Money Laundering and Terrorist Financing
Tokyo, Japan - A Bid to Prevent Illicit Activities
In an effort to prevent money laundering and terrorist financing, national agencies in Japan are set to take strategic and effective measures based on the result of risk assessment, according to government sources. This move is part of a broader initiative to ensure that business operators carry out their own risk assessments and take actions corresponding to the risks of transaction type, customer, and product/service.
Japan’s Unique Environment
Japan’s unique environment, including its geographic location and highly developed financial sector, makes it an attractive hub for criminal activities such as money laundering and terrorist financing. The country’s 30 airports and 120 seaports for international trade, as well as its extensive network of banks and financial institutions, make it a conduit for illegal transactions.
Increased Risk Due to Tourism
The Japanese government has reported a significant increase in foreign tourists, with over 10 million visitors in 2013 alone. This trend is expected to continue, making it essential to ensure that Japan’s financial infrastructure is secure and efficient.
High-Risk Environment
The risk of money laundering and terrorist financing is particularly high due to Japan’s proximity to major international trade routes and its status as a major economic player. Criminals may attempt to launder illicit funds or finance terrorism by exploiting the country’s advanced financial system, which includes online banking and mobile payment systems.
Government Response
In response to these risks, national agencies will take measures to prevent money laundering and terrorist financing, including:
- Monitoring transactions
- Identifying suspicious activity
- Sharing intelligence and best practices with international partners
Commitment to Prevention
“The risk of money laundering and terrorist financing is a serious concern for Japan,” said a government official. “By taking strategic and effective measures based on our national risk assessment, we aim to prevent these crimes and protect the integrity of our financial system.”
Expected Impact
The government’s efforts are expected to have a significant impact in preventing money laundering and terrorist financing, and will help ensure that Japan remains a secure and attractive destination for international trade and investment.