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Japan Falls Short in FATF Assessment
By Matt Squire
printJapanese laws to combat money laundering and terrorist financing fall short in over half of the 49 international standards set by an influential intergovernmental watchdog. The Paris-based Financial Action Task Force (FATF) said Thursday that Japan was non-compliant with 10 and partially compliant with 15 of its recommendations to counter money laundering and terrorist financing. Japan's report contains the most non-compliant and partially compliant ratings of any G7 member nation evaluated by the FATF. Japan failed to meet standards on customer due diligence, politically exposed persons, correspondent banking, new technologies, designated non-financial businesses and professions, internal controls and audits and...
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