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Japanese Government Considering Anti-Money Laundering Measures

by Mary Swire, for LawAndTax-News.com, Hong Kong

07 December 2004


The Japanese government is currently examining proposals designed to limit the possibilities for money laundering and terrorist financing, according to reports in the national media.

The Nihon Keizai Shimbun recently revealed that the Ministry of Finance and the Financial Services Agency have begun talks with the financial services industry and other affected sectors, in order to work out the details of the proposed measures.

The planned new regulations are said to include a requirement that banks and post offices confirm the identities of all customers making remittances via ATMs, and an increase in the powers held by customs and immigration officers to monitor cash entering or leaving the country.

A comprehensive report on the OECD, FATF and other 'offshore' initiatives, including the EU's Savings Tax Directive is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/

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