crime

Japanese regional banks to counter moneylaundering by sharing info

13 Comments

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Money laundering is all over the place in Japan. I've seen it first hand in big business. The problem is the tax authorities don't have enough power and privacy laws get in their way. The law is literally written, if you cannot see it, it does not exist.

2 ( +3 / -1 )

and they will counter currency manipulation by..... oh wait, that's ok here I forgot....

0 ( +3 / -3 )

and they will counter currency manipulation by..... oh wait, that's ok here I forgot....

Seems like an irrelevant comment whatever you are getting at. Currency trading is not a crime and governments are allowed to target exchange rates.

2 ( +4 / -2 )

Seems like an irrelevant comment whatever you are getting at. Currency trading is not a crime and governments are allowed to target exchange rates.

It might be legal but not moral

-2 ( +0 / -2 )

currency manipulation is certainly not something you would expect from a country that is now trying to lecture the US on how to conduct free trade and stop protectionism. Japan and China are the biggest currency manipulators in the world, and to nobody's surprise they are also the world more protectionist economies as well.

-1 ( +1 / -2 )

Long overdue and should be heavily supported by regulators throughout both national as well as global banking systems.  The amount of time and effort banks spend on identifying customers and them maintaining client files to regulatory required standards is massive.  This is especially wasteful of time and effort in the Wholesale banking segment of the industry. 

And information sharing is a more effective way of detecting misconduct than each bank just looking at its own information.

-1 ( +0 / -1 )

Open casinos!!!

-1 ( +0 / -1 )

They might get a few surprises...unless a few of the pollies keep it stashed under that mattress..

0 ( +0 / -0 )

Seems like an irrelevant comment whatever you are getting at. Currency trading is not a crime and governments are allowed to target exchange rates.

Actually is a "crime", but since countries cannot commit crimes it is against the WTO to trade your currency against another in order to manipulate your currency.

0 ( +0 / -0 )

Some of these regional banks have no email systems and operate by telephones and fax. Wouldn't doubt some still use an abacus. The concept of a shared anti-money laundering system will really test their technological sensibilities...

-3 ( +0 / -3 )

This is down to financial institutions worldwide being blackmailed into becoming agents of the US Internal Revenue Service because they fear being unable to do business in the US if they resist. The culprit is FATCA, legislation passed under Obama intended to prevent wealthy US citizens hiding taxable income offshore. Instead, it has become a vehicle for invasion of privacy of US citizens resident abroad, many of whom are barred from US banking and brokerage services, or have had loans called in due to misunderstandings on the part of these institutions' compliance departments. In addition, spouses and children of US citizens, many of whom have never set foot in the US, are subject to these rules. If your American-French sons starts a company and earns more than $106,000 a year, he's liable for US taxes, no matter where he lives, even if he's never set foot in the US, or holds a passport. Nearly 7000 US citizens relinquished or renounced their citizenship last year, even at a cost of $2350 plus a pro-rated proportion of forfeit. future income. Little wonder.

0 ( +0 / -0 )

Money laundering is all over the place in Japan. I've seen it first hand in big business

What kind of money laundering happens? I'm curious

0 ( +0 / -0 )

"Money laundering is all over the place in Japan. I've seen it first hand in big business"

Do you actually, I mean really ACTUALLY know what money laundering is?!

0 ( +0 / -0 )

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