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In a rare admonishment of a Group of Eight nation, the Financial Action Task Force said Friday that Japan has failed to address gaps in its illicit finance controls despite commitments to do so. The Paris-based intergovernmental group, also known as FATF, said in a statement that the "most important" of the country's "numerous and serious deficiencies" include its incomplete criminalization of terrorist financing and inadequate rules for freezing terrorist assets, a lack of effective due diligence requirements and a failure to address transnational organized crime. "The FATF encourages Japan to promptly address these AML/CFT deficiencies, including through the adoption...