JapanThe Group of 7 published a report outlining common public policy principles for establishing retail central bank digital currencies, covering a range of important matters related to financial stability, cybersecurity, inclusion and tackling illicit finance.
Japan’s Financial Services Agency published its strategic priorities for the year 2021 to 2022.
Midweek Roundup: Afghan FIU Shuts Down, Japanese Banks Reconsider Remittances, and More
French lenders curtail Lebanese business over corruption, New Zealand fines derivatives trading firm more than $500,000 for AML failures, and more, in the midweek roundup.
Japan Lags in Complex Money Laundering Cases
Japanese investigators rarely pursue cases into complex, cross-border schemes by attorneys and other third parties to conceal illicit proceeds for others, focusing instead on straightforward attempts by criminals to launder their own profits, an intergovernmental group has found.
The Japanese Financial Services Authority announced the action against the Tokyo-based bank holding company for its failure to ensure sound and appropriate business operations.
Japan’s Financial Supervisory Agency stated in an administrative order against the bank that it processed investment trust sales with errors that caused losses to customers, and then responded unfairly and without explaining possible corrections.
| Technical | Effectiveness |
|---|---|
| Compliant : 4 | High : 0 |
| Largely Compliant : 24 | Substantial : 3 |
| Partially Compliant : 10 | Moderate : 8 |
| Non-Compliant : 1 | Low : 0 |
| Not-Applicable : 1 |
| Rank : 47/110 |
| Score : 4.99/10 |
| Rank : 19/179 |
| Score : 74/100 |
| Rank : 16/133 |
| Score : 66/100 |