Regulatory Bodies in Japan Make Strides in Combating Financial Crime
Tokyo, JAPAN - In a significant effort to curb financial crime, regulatory bodies in Japan have been actively implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations.
National Cooperation and Coordination Key to Success
Japan’s regulatory bodies have been working closely together to enhance their national cooperation and coordination efforts. This collaboration has led to the development of effective policies and procedures for identifying and mitigating financial crime risks.
- Effective Policies: The country’s authorities have implemented targeted financial sanctions related to terrorism and terrorist financing, as well as those related to proliferation.
- Regulation and Supervision: Japan has shown significant progress in regulating and supervising non-profit organizations and financial institutions.
- Collaboration with Law Enforcement: Regulatory bodies have established a financial intelligence unit to facilitate the exchange of information between regulatory bodies and law enforcement agencies.
Customer Due Diligence and Record Keeping Improve
Japan’s regulatory bodies have made substantial improvements in customer due diligence and record keeping processes. The country has implemented robust measures to ensure that financial institutions maintain accurate and up-to-date records of their customers’ transactions.
- Accurate Records: Financial institutions are now required to keep accurate and up-to-date records of their customers’ transactions.
- Enhanced Supervision: The government has granted powers to supervisors to oversee financial institutions effectively.
- Financial Intelligence Unit: Japan’s authorities have established a financial intelligence unit to facilitate the exchange of information between regulatory bodies and law enforcement agencies.
Progress in International Cooperation
Japan has made significant strides in international cooperation, particularly in mutual legal assistance, extradition, and other forms of collaboration with foreign countries. The country’s regulatory bodies have been actively engaged in sharing information and best practices with their international counterparts to combat financial crime more effectively.
- Mutual Legal Assistance: Japan has strengthened its cooperation with foreign countries in mutual legal assistance.
- Extradition: The country has improved its extradition procedures to facilitate the transfer of suspects between countries.
- Sharing Best Practices: Regulatory bodies have been actively engaged in sharing information and best practices with their international counterparts.