crime

Japan drafts anti-money laundering bills under pressure from global watchdog

24 Comments
By Tetsushi Kajimoto

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Or is it that it could be used against the Yakuza and some politicians are reluctant? I could be wrong. Just guessing.

7 ( +8 / -1 )

Japan’s cabinet approved bills on Friday aimed at tightening rules against money laundering and terrorist financing in a bid to avoid getting on an international watchdog’s list of high-risk and non-cooperative jurisdictions.

Why is it that Japan seems to continually only act on international issues when it is forced to? Another prime example would be the Hague Convention

5 ( +11 / -6 )

Because not everything that Japan is pressured to do is a good thing. These banking laws, while aimed at terrorists, inevitably will be used to make life more difficult for private citizens and small businesses. The terrorists and gangs will find a way around it, while the ordinary person will be stuck with it.

5 ( +8 / -3 )

I agree with Jerseyboy, here is another example of Japan being 20 years behind the rest of the world. And they wonder why their country is going to crap. I say let them get on the list... let them get fined.. Lets get the world to know and understand that Japan doesn't want to play with other countries and do things that the modern countries do.

4 ( +6 / -2 )

Jerseyboy, look at the story again. Japan already scrutinizes transactions of over 2 million yen, which is the money needed to buy a care, for example. The new laws may make it more like the US, where business to business transactions over $600 require extra paperwork and reporting.

4 ( +4 / -0 )

Japan is no longer in a position to see world issues primarily through the prism of the Japan-U.S. alliance, and should address both economic and political issues through its own eyes and make its own opinions known to the world.

4 ( +4 / -0 )

One part incompetence, one part dithering, one part foot-dragging, one part fear of change, two parts collusion with organized crime. Just look at how they're pushing for casinos no-one wants.

3 ( +4 / -1 )

Two million yen transferred within what time? A law abiding individual residing overseas transferring $5,000 a month for a stateside account for living expenses could exceed that limit in four or five months.

2 ( +2 / -0 )

Or is it that it could be used against the Yakuza and some politicians are reluctant? I could be wrong. Just guessing.

As long as they don't touch the Pachinko parlors and associated businesses, ya-san should be happy. It's that foreign laundered money we dislike....

1 ( +1 / -0 )

money laundering japanese people to support terrorists? you really must be kidding... what is the real reason to have this money transaction law coming into place? maybe more and more people understand this system and they start to withdraw their cash from banks? would they all be considered supporters of terrorists? in the near future japan will have a cyprus style cut of savings cos they are hitting for bankcruptsy. Smart people have enuff cash at home to be safe in tuffer times...

1 ( +2 / -1 )

Many small business' transfer 2mill yen or more on a daily basis, individuals sending money home could also quickly topple the 2 mill mark quite quickly.

This isn't because of terrorism its more to do with government control and reporting, the less freedom of movement you have the more it suits those in charge,.

Nations that have a history of international terrorist actions or people should be more strictly monitored, not your local business or neighbour trying to do their daily routines, would banking controls have stopped the Aum cult, or the 9/11 terroists? Hardly !!

1 ( +1 / -0 )

The 3rd largest economy in the world... an ally of western powers and now they come on board. The meaning of the word "ally" might have to be slightly revised. Or at least a foot note to explain Japan.

0 ( +1 / -1 )

Might as well close down every pachinko establishment, then!

0 ( +0 / -0 )

I just came back to visit Japan and now they require foreign visitors to sign a declaration form stating how much money we have and even write down passport numbers if the money is up a certain amount.

i just hope it does not become like the US where they get on my case because I withdraw 2 or 3 grand whenever I travel overseas: much below the $10,000 reporting limit.

Banks are changing g the rules without officially telling us.

0 ( +0 / -0 )

But Japan’s status remains in limbo as it has failed to present a key bill criminalising the act of conspiracy due to resistance from some lawmakers and the Japan Federation of Bar Associations, who fear authorities may apply it arbitrarily.

It's worth hearing what these people have to say. Guessing that the Japan Federation of Bar Associations is in cahoots with Yakuza sounds pretty far fetched to me.

0 ( +0 / -0 )

We might as well see the REAL government of Japan as the UN and related parties. It seems that foreign institutions are the only ones that being meaningful change to Japan; politically, socially and economically.

It's not as if the Japanese are any good at ruling themselves.

-1 ( +0 / -1 )

In USA, Money Laundary Law application differ by inductry nature. Many industry hand ot their CTR cards to customers. Currency Transffer Regulation. buides. Maximim amount for a year differ by industry. Some people smarten and transfer to a place with multiple time more than mazimum allowed. his is illegal and called Structufing/ Banks have to keep truck on each transaction. You receive a copy of the law from related business.

-1 ( +0 / -1 )

Years ago, it was meant to catch narco business. If you have $15,000 qne buy 75,000 at one table and buy rest with other table, it is illegal as $10,000 q day iw limit to buy. Structured Transaction in casino. $`10,000 toavoid report CTRC and heavy penalty.

-1 ( +0 / -1 )

There are two types of M Launderling. 1. Dirty money to Clean business. 2. Reverse M L. Cleam money to invest in dirty business such as naive wjo want to get inot narco dealers -extremely dangerous.

I wrote $10,000 as an example. That is the amount of Casino users case. Not every business or travelers. It isa still in talking stage and Japan has not enforced yet. In USA, M L hopeful people try to use Casino betting area and that is why I wrote out guide by casinos. So, if you are not multi millionaires who gamble heavy with huge credit lines, you don't have to worry. Your credit amount and transaction, your banks take care of. You do nothing.

In USA, casinos users have to worry how much they cash in casinos. And you can get form of 31 CFR Bank Secrecy Act Casino Specific Regulation each year even you don't like gamble and you don't gamble.Banks send us too many havy volume every few months. Each casinos have to report currency transacion form of each heavy trannaxtion evet day (7 days(. If you have other business, not so tough, /tourists do not have to worry anything. This laws have been so many years in USA way before terrorists appeared in USA.

-1 ( +0 / -1 )

Money laundery usuallly involve currency. Legitimate corporatopms dp not use currency in their transactions. Rumor was there that N, Korean missiles were by ML involved. That was some years ago.

-1 ( +0 / -1 )

Because not everything that Japan is pressured to do is a good thing. These banking laws, while aimed at terrorists, inevitably will be used to make life more difficult for private citizens and small businesses.

commanteer -- really? How many times does the ordinary citizen transfer more than JPY 2 million? But, even so, sometimes doing the morally correct thing does involve some sacrifice/inconvenience. Are you saying that is too much to expect of Japanese citizens? Actually, I think shallots is closer to the truth:

Or is it that it could be used against the Yakuza and some politicians are reluctant?

-2 ( +5 / -7 )

Why is it that Japan seems to continually only act on international issues when it is forced to? Another prime example would be the Hague Convention

The majority of political and social development in Japan's modern history is a result of 'gaiyatsu'. The public and leadership here have little motivation to make change.

-2 ( +1 / -3 )

@smithinjapan It still amazes me that it takes pressure for Japan to exercise common sense and enforce laws (that it probably had to create from pressure).

I agree, indicators are thumbs downs on any form of criticism in a thread. (but they have no power on other sites. It will also take tremendous outside pressure for this place to exercise common sense with regard to tepco's massive blunder. "every nation has its term"

-2 ( +1 / -3 )

It still amazes me that it takes pressure for Japan to exercise common sense and enforce laws (that it probably had to create from pressure).

-5 ( +3 / -8 )

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