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International Cooperation in Combating Financial Crime in Japan Takes Center Stage
Japan has been at the forefront of international cooperation in combating financial crime, with its Financial Intelligence Unit (FIU), JAFIC, actively participating in various global initiatives. In recent years, Japan’s commitment to sharing best practices and information on money laundering and terrorist financing has strengthened ties with like-minded countries.
A Founding Member of FATF
As one of the founding members of the Financial Action Task Force (FATF), Japan has been a driving force behind efforts to combat financial crime since 1989. The FATF’s annual plenary meetings, which JAFIC attends regularly, provide a platform for countries to discuss and develop new strategies for preventing money laundering and terrorist financing.
Key Benefits of FATF Participation
- Regular attendance at plenary meetings
- Opportunities to discuss and develop new strategies for combating financial crime
- Enhanced international cooperation with like-minded countries
A Strong Partnership through APG Engagement
Japan is also a founding member of the Asia-Pacific Group (APG), which aims to enhance cooperation among its member countries in combating financial crime. JAFIC’s participation in APG activities, including plenary meetings and typology workshops, has facilitated the sharing of best practices and expertise on information analysis.
Key Benefits of APG Engagement
- Opportunities for sharing best practices and expertise
- Enhanced international cooperation with like-minded countries
- Participation in plenary meetings and typology workshops
Egmont Group Membership: A Commitment to Information Exchange
JAFIC’s membership in the Egmont Group, a global network of FIUs, has enabled Japan to strengthen its partnerships with like-minded countries. The group’s annual meetings and working groups provide a platform for countries to discuss key issues related to information exchange between FIUs.
Key Benefits of Egmont Group Membership
- Opportunities for strengthened partnerships with like-minded countries
- Participation in annual meetings and working groups
- Enhanced international cooperation through information exchange
Framework for Exchange of Information: A Crucial Step
In response to the need for timely information sharing on suspicious transactions, JAFIC has established a framework governing the restrictions on the use of disseminated information. This framework enables Japan to share critical intelligence with foreign FIUs while ensuring that sensitive information is protected.
Key Benefits of the Framework
- Timely information sharing on suspicious transactions
- Protection of sensitive information
- Enhanced international cooperation through information exchange
International Cooperation in 2022: A Year of Progress
In 2022, JAFIC continued its commitment to international cooperation by participating in various global initiatives, including:
Key Initiatives in 2022
- FATF plenary meetings in February, June, and October
- APG’s annual meeting in July
- Egmont Group working group meetings in January and July
These efforts demonstrate Japan’s ongoing commitment to combating financial crime through international cooperation. By sharing best practices and information with like-minded countries, JAFIC is helping to strengthen global efforts to prevent money laundering and terrorist financing.