Financial Crime World

Here is the converted article in markdown format:

Japan’s Anti-Money Laundering and Combating the Financing of Terrorism Measures

  • Japan’s CFT measures target not only corporations engaging in specified non-profit activities (CESNAs) but also:
    • Public interest corporations
    • Social welfare corporations
    • Medical corporations
    • Incorporated educational institutions
    • Religious corporations

Beneficial Ownership and Verification Requirements

  • Beneficial Ownership: Refers to the natural person who ultimately owns or controls a legal person.
  • Verification of Beneficial Owners: Financial Institutions (FIs) and other specified business operators are obliged to verify information about beneficial owners of corporate customers at the time of specified transactions with them.

Overview of the BO List System

Upon request from a stock company, the registrar verifies the BO list prepared by the stock company and issues a copy of the list.

Utilization of Japan’s Financial Intelligence Unit (FIU)

Japan’s FIU, named Japan Financial Intelligence Center (JAFIC), collects, organizes, analyzes, and disseminates information reported by FIs, etc., to law enforcement agencies in order to support the government’s AML/CFT measures.

Enforcement and Asset Freezing

  • Strict measures are taken against money laundering (ML) and terrorism financing (TF) to prevent illegal money transfers.
  • Laws such as the Anti-Drug Special Provisions Law are used to implement punishments for ML, ensuring the thorough deprivation of the proceeds of crime.