The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

FATF Urges Japan to Implement Stronger AML Measures

2021-08-31

The FATF mutual evaluation report on Japan proposes the formation of a joint-agency body to enhance the country’s AML/CFT measures.  

The global financial watchdog, Financial Action Task Force (FATF), has published its mutual evaluation report for Japan. The report provides an evaluation of the Anti-Money Laundering measures in place in Japan after a three-week site visit that ended in November 2019.

Following the June 2021 Plenary meeting, the FATF has released the mutual evaluation report, which states that while Japan’s AML measures are showing results in combating money laundering and terrorist financing, improvements are needed in some key areas to make the country’s AML/CFT framework more effective. 

In particular, Japan is delivering good results when it comes to the collection of financial intelligence for tackling money laundering and terrorist financing and is also cooperating well with counterpart countries. 

However, authorities need to improve efforts for the confiscation of criminal proceeds, law enforcement needs to focus more on fraud and drug-related crimes, including cases that involve organized crime groups (known as “Boryokudan”) – a key risk area for Japan.

Furthermore, the report says that Japan has adequately identified its key risk areas, but the country needs to strengthen its AML policies especially when it comes to the prevention of specific money laundering activities, such as large cash transactions. 

The report also adds that numerous financial and non-financial institutions regularly fail to fully understand their obligations to prevent money laundering and terrorist financing. For some high risk areas, this includes core concepts such as customer due diligence and transaction checks.

“They do not have an adequate understanding of the recently introduced/modified AML/CFT obligations, and have no clear deadlines to comply with these new obligations,” the report says regarding non-compliant financial institutions.

Japan has also taken necessary steps for the collection of Beneficial Ownership (BO) information by requiring all FIs and DNFBPs to maintain such records. However, accurate and up-to-date BO information is not yet consistently available on “legal persons”.

The report proposes that Japan should designate a joint-agency body with the purpose of devising enhanced national AML/CFT policies and activities, to improve coordination and ML/TF risk mitigation efforts.

The FATF’s mutual evaluation report on Japan can be viewed here

Related Posts

News

Vending machines can now be operated with Bitcoins

Vending machines used by key Asia-Pacific soft-drink bottler and distributor Coca-Cola Amatil wil...

Vending machines can now be operated with Bitcoins Explore More

News

24 scammers arrested on money laundering charges

Government officials have arrested over 24 money laundering suspects due to an online fraud opera...

24 scammers arrested on money laundering charges Explore More

News

Blue Star Planet to Pay £620,000 for AML Failures Uncovered by Gambling Commission

Blue Star Planet which was trading as 10Bet to pay £620,000 ($746,716) after it was found guilty ...

Blue Star Planet to Pay £620,000 for AML Failures Uncovered by Gambling Commission Explore More

News

Denmark’s Gambling Authority Issues Reminder for AML Duties

All licensed businesses are reminded to report suspicious transactions that may be indicative of ...

Denmark’s Gambling Authority Issues Reminder for AML Duties Explore More

News

HM Revenue & Customs (HMRC) Fines Property Firms Over £1 Million for Money Laundering Violations

HM Revenue & Customs has fined property firms more than £1 million for not complying with ant...

HM Revenue & Customs (HMRC) Fines Property Firms Over £1 Million for Money Laundering Violations Explore More

News

Millions of Twitter and Facebook Users May Have Had Their Accounts Compromised

Facebook and Twitter announced on Monday that the personal data of millions of users may have bee...

Millions of Twitter and Facebook Users May Have Had Their Accounts Compromised Explore More

News

Hackers Steal $625 Million from Ronin Network in Largest-Ever Crypto Theft

Hackers stole approximately $625 million in crypto from the Ronin blockchain and the video game n...

Hackers Steal $625 Million from Ronin Network in Largest-Ever Crypto Theft Explore More

News

Crypto Exchange BKEX Freezes Withdrawals Under Money Laundering Investigation

BKEX withdrawals were suspended after funds on its platform were used to launder money, according...

Crypto Exchange BKEX Freezes Withdrawals Under Money Laundering Investigation Explore More

News

Germany to Implement the 6th AML Directive to Secure Financial Firms

The Federal Government of Germany has decided to draft a law for money laundering operations. Eur...

Germany to Implement the 6th AML Directive to Secure Financial Firms Explore More

News

Malta’s Justice Minister Ammends Legal Framework to Lighten Financial Crime Proceedings

Malta’s Justice Minister announces amendments in the court proceedings for financial crimes...

Malta’s Justice Minister Ammends Legal Framework to Lighten Financial Crime Proceedings Explore More

News

EU Watchdog Takes Deep Dive Into Banks’ Use of Technology

EU’s banking watchdog has recognized the need for RegTech solutions and proper regulatory standar...

EU Watchdog Takes Deep Dive Into Banks’ Use of Technology Explore More

News

Taiwan Bans Four Foreign Banks for Breaching FX Regulations

The Central Bank of Taiwan has penalized four foreign banks for assisting 8 major grain companies...

Taiwan Bans Four Foreign Banks for Breaching FX Regulations Explore More

News

SEC Enforces Srilankan Compliance Officers To Conduct Adequate AML Measures

The Security Exchange Commission of Sri Lanka (SECS) and Colombo Stock Exchange (CSE) recently ar...

SEC Enforces Srilankan Compliance Officers To Conduct Adequate AML Measures Explore More

News

Coronavirus: UK economy recovering gradually, says Bank of England

Bank of England (BOE) governor, Andrew Bailey, stated that there are signs of the UK economy grad...

Coronavirus: UK economy recovering gradually, says Bank of England Explore More

News

Data of Half-Million Chicago Students Exposed in a Ransomware Attack

The personal information of more than half a million Chicago students and the staff was accessed ...

Data of Half-Million Chicago Students Exposed in a Ransomware Attack Explore More

News

Central banks urged to introduce digital alternatives to cash

According to a recent report from Positive Money, Central banks across the globe should issue a d...

Central banks urged to introduce digital alternatives to cash Explore More

News

Florida Man Charged $784 Million in Massive Healthcare Fraud

Creaghan Harry, a man from Florida was indicted of $784 million for committing healthcare fraud a...

Florida Man Charged $784 Million in Massive Healthcare Fraud Explore More

News

FCA Spends $650K to Beef up its AML Control for the Crypto Industry

FCA spends $670,000 on training cryptocurrency exchange staff along with strengthening AML requir...

FCA Spends $650K to Beef up its AML Control for the Crypto Industry Explore More

News

TD Banking Group Expects US Penalties for Money Laundering

TD Banking Group disclosed that they expect fines and non-compliance penalties related to US auth...

TD Banking Group Expects US Penalties for Money Laundering Explore More

News

Australian Housing is the “Destination of Choice” for Money Laundering – Says Serena Lilywhite

Weak, outdated money laundering and terrorist financing laws are creating havoc in the real estat...

Australian Housing is the “Destination of Choice” for Money Laundering – Says Serena Lilywhite Explore More

News

FCA Fines Gatehouse Bank £1.58mn for Breaching Money Laundering Regulations

The Financial Conduct Authority (FCA) has fined Gatehouse Bank £1.58 million. The regulator disco...

FCA Fines Gatehouse Bank £1.58mn for Breaching Money Laundering Regulations Explore More

News

Poker Machines Being Preyed by Criminals Amidst COVID-19 Pandemic

During the five months of lockdown due to the COVID-19 pandemic, there has been a growth of 305 U...

Poker Machines Being Preyed by Criminals Amidst COVID-19 Pandemic Explore More

News

AUSTRAC Throws in Hands in their Fight Against Money Laundering through Casino Junk Operators

Australian regulatory bodies to fight financial crimes have known for quite a time that casino ju...

AUSTRAC Throws in Hands in their Fight Against Money Laundering through Casino Junk Operators Explore More

News

U.K Accelerates New Plans to Crack Down on Foreign Money Laundering Activities

The U.K plans to crack down on money laundering activities, legislate new laws to register foreig...

U.K Accelerates New Plans to Crack Down on Foreign Money Laundering Activities Explore More

News

Exchanges in Nigeria to Take Measures Against Crypto Scams

Nigerian cryptocurrency industry is to take strong measures to guarantee a safe trading environme...

Exchanges in Nigeria to Take Measures Against Crypto Scams Explore More

News

SEC Updates Regulatory Disclosures for Chinese Issuers Amid Crackdown

Chinese businesses, as per a ruling by the SEC, are directed to present additional disclosures re...

SEC Updates Regulatory Disclosures for Chinese Issuers Amid Crackdown Explore More

News

Norway’s DNB is Facing a Possible Fine of $45M for Poor AML Compliance

Norway’s leading bank, DNB ASA, faces the possibility of a $45 million penalty for its inadequate...

Norway’s DNB is Facing a Possible Fine of $45M for Poor AML Compliance Explore More

News

UK to Set up CBDC Taskforce to Analyze the Possibility of ‘Britcoin’

The Bank of England along with the British Government plans to set up a task force to create digi...

UK to Set up CBDC Taskforce to Analyze the Possibility of ‘Britcoin’ Explore More

News

Hong Kong Sees 20-fold Spike in Investment Scam Losses – Report

According to the Police, 725 cases of investment scams occurred within the first seven months of ...

Hong Kong Sees 20-fold Spike in Investment Scam Losses – Report Explore More

News

US Attorney’s Office Charges New York’s Oldest Mafia Clans for Money Laundering Scheme

The US Attorney’s office has accused the two of New York’s oldest mafia clans for laundering mone...

US Attorney’s Office Charges New York’s Oldest Mafia Clans for Money Laundering Scheme Explore More

News

The UK plans to levy on banks to prevent money laundering

According to Reuters, Britain plans to announce a new levy on banks and other financial instituti...

The UK plans to levy on banks to prevent money laundering Explore More

News

UAE to Demonstrate Effective Financial Crime Prevention to be Removed From FATF Gray List

The economic secretary of the UK recently stated (April 25th, 2023) that the United Arab Emirates...

UAE to Demonstrate Effective Financial Crime Prevention to be Removed From FATF Gray List Explore More

News

US Courtrooms Ponder Over the Photo ID Requirement for Voters

The US courtrooms are again facing the debate over the use of photo identification for voters. A ...

US Courtrooms Ponder Over the Photo ID Requirement for Voters Explore More

News

Westpac CEO Brian Hertzer Resigns Amid Money-Laundering Scandal

The chief executive of Westpac Banking Corporation, Brian Hartzer, has resigned and the chairman ...

Westpac CEO Brian Hertzer Resigns Amid Money-Laundering Scandal Explore More

News

Two Bank Workers Banned by Central Bank in the Philippines for Wirecard Fraud

Two bank workers, involved in issuing fake documents, have been banned by the Central Bank. The a...

Two Bank Workers Banned by Central Bank in the Philippines for Wirecard Fraud Explore More

News

Poker Machines Being Preyed by Criminals Amidst COVID-19 Pandemic

During the five months of lockdown due to the COVID-19 pandemic, there has been a growth of 305 U...

Poker Machines Being Preyed by Criminals Amidst COVID-19 Pandemic Explore More

News

Central banks urged to introduce digital alternatives to cash

According to a recent report from Positive Money, Central banks across the globe should issue a d...

Central banks urged to introduce digital alternatives to cash Explore More

News

Indian Brokers Under Investigation for Alleged Money Laundering and Identity Theft

Three of the most prominent brokers in the country have come under scrutiny from numerous regulat...

Indian Brokers Under Investigation for Alleged Money Laundering and Identity Theft Explore More

News

FATF Report Highlights Weaknesses in South Africa’s AML Systems

South Africa has a solid legal framework to combat money laundering and terrorist financing but h...

FATF Report Highlights Weaknesses in South Africa’s AML Systems Explore More

News

Moroccan Charity, Najiba Foundation, Faces Account Termination by ING Bank for AML Failures

Internationale Nederlanden Groep (ING) wants to terminate one of the largest Moroccan charity fou...

Moroccan Charity, Najiba Foundation, Faces Account Termination by ING Bank for AML Failures Explore More

News

Crypto Adoption on the Rise, PayPal will Offer Crypto Payments in 2021

In the digital era, companies are shifting toward digital means of communication. Banks have plan...

Crypto Adoption on the Rise, PayPal will Offer Crypto Payments in 2021 Explore More

News

Australia to Ban Credit Cards for Online Gambling to Prevent Payment Fraud

The Australian government will soon ban online gambling with credit cards. The government will in...

Australia to Ban Credit Cards for Online Gambling to Prevent Payment Fraud Explore More

News

Cybercriminals Targeting Bitcoin ATMs to Launder Money – Says FBI

The Federal Investigation Bureau (FBI) revealed gaps in financial regulations as money laundering...

Cybercriminals Targeting Bitcoin ATMs to Launder Money – Says FBI Explore More

News

Crypto firms Halt Business in China After an Intense Government Crackdown

Cryptocurrency businesses have stopped their operations after the government led an intense inves...

Crypto firms Halt Business in China After an Intense Government Crackdown Explore More

News

South Korea Seizes $47M Worth of Crypto from Tax Evaders

South Korean officials have seized $47 million in cryptocurrency from 12,000 individuals accused ...

South Korea Seizes $47M Worth of Crypto from Tax Evaders Explore More

News

Digital Currency ‘Sand Dollar’ Launched by the Bahamas

The Central Bank of the Bahamas (CBOB) has introduced a digital version of the Bahamian dollar, s...

Digital Currency ‘Sand Dollar’ Launched by the Bahamas Explore More

News

EU Limits Use of Cash and Cryptocurrency to Curb Financial Fraud

The European Union (EU) has issued new measures to limit use of cash and cryptocurrencies to tack...

EU Limits Use of Cash and Cryptocurrency to Curb Financial Fraud Explore More

News

Pandemic Fraud Crackdown: US Bank Employees Indicted Over Document Fraud

Bank employees and tax preparers fraudulently applied for $3M+ in pandemic relief loans through f...

Pandemic Fraud Crackdown: US Bank Employees Indicted Over Document Fraud Explore More

News

After China, Japanese Officials Considering to Introduce Digital Currency too

China has begun trials for its digital assets and issued 10 million yuan last week. The efforts o...

After China, Japanese Officials Considering to Introduce Digital Currency too Explore More

News

UK Approves New Age Verification Laws to Protect Children

The UK government approved the “Online Safety Bill,” which contains measures to protect children ...

UK Approves New Age Verification Laws to Protect Children Explore More

News

Latvian State Police Bust a Major Money Laundering Ring

Latvian State Police has identified and busted a huge criminal gang involved in money laundering....

Latvian State Police Bust a Major Money Laundering Ring Explore More

News

Economic & Financial Crime Bureau Gets Legal Powers as an Independent Authority

The Economic & Financial Crime Bureau and Financial Intelligence Unit [Bailiwick of Guernsey]...

Economic & Financial Crime Bureau Gets Legal Powers as an Independent Authority Explore More

News

Iranian Banks in Bahrain to be Prosecuted for Breaching AML Sanctions

Bahrain’s public prosecutor declared that the 13 Iranian banks, including the Central Bank of Ira...

Iranian Banks in Bahrain to be Prosecuted for Breaching AML Sanctions Explore More

News

US State joins international task force targeting COVID-19 investment scams

The Oregon Division of Financial Regulation has recently joined an international enforcement task...

US State joins international task force targeting COVID-19 investment scams Explore More

News

US Department Of Justice Announces Enforcement Actions to Regulate Cryptocurrency

The US Department of Justice (DOJ) announced several enforcement actions against cryptocurrency a...

US Department Of Justice Announces Enforcement Actions to Regulate Cryptocurrency Explore More

News

SA’s Healthcare Organizations Become the Latest Prey for Cybercriminals

COVID-19 pandemic has paved the way for cybercriminals to target South Africa’s healthcare organi...

SA’s Healthcare Organizations Become the Latest Prey for Cybercriminals Explore More

News

Irish Businessmen lost More than €10 Million in Invoice Redirect Fraud

Sophisticated invoice redirect fraud in Ireland has resulted in the loss of €10 Million for busin...

Irish Businessmen lost More than €10 Million in Invoice Redirect Fraud Explore More

News

G20 regulator warns countries to alleviate risks of Libra-like stablecoins

The Financial Stability Board (FSB) has alerted national regulators to gauge standards and tackle...

G20 regulator warns countries to alleviate risks of Libra-like stablecoins Explore More

News

Prosecutors Raise Questions About KYC/AML Against Cryptocurrency Mixers

According to the prosecutors and financial regulators, cryptocurrency mixers are reportedly being...

Prosecutors Raise Questions About KYC/AML Against Cryptocurrency Mixers Explore More

News

Financial gain surpasses espionage as a top motivator in cyber attacks

NEW YORK – According to Verizon’s annual report on cybercrimes, money surpassed spying as t...

Financial gain surpasses espionage as a top motivator in cyber attacks Explore More

News

SRA Fines a Law Firm £14,000 for Breaching ID Verification Regulation

A business organization is being penalized £14,000 by the Solicitors Regulation Authority (SRA) f...

SRA Fines a Law Firm £14,000 for Breaching ID Verification Regulation Explore More

News

SEC Orders Finance, Lending Companies to Submit AML Plans by 21 June

Philippine’s SEC has ordered all financing and lending companies to submit their plans for the im...

SEC Orders Finance, Lending Companies to Submit AML Plans by 21 June Explore More

News

FATF to Shorten Its Fifth Round of Mutual Evaluation to Assess Countries’ AML Regimes

The Financial Action Task Force has announced that it will shorten its fifth round of mutual eval...

FATF to Shorten Its Fifth Round of Mutual Evaluation to Assess Countries’ AML Regimes Explore More

News

Swedish gambling regulator seeks high money-laundering fines

The Swedish Gambling Authority (SGA) has taken a tough stance against money laundering and reques...

Swedish gambling regulator seeks high money-laundering fines Explore More

News

CBR to Restrict Crypto-Related Transactions to Prevent Financial Crime

The Central Bank of Russia is limiting ways for cryptocurrency investments including blocking pay...

CBR to Restrict Crypto-Related Transactions to Prevent Financial Crime Explore More

News

TSB Fined $3.5M on Account of Four AML Breaches

New Zealand’s High Court has fined Trustee Savings Bank (TSB) Ltd NZD 3.5 million following the b...

TSB Fined $3.5M on Account of Four AML Breaches Explore More

News

London’s Mayor Assures of the Strong Regulations Despite Brexit

Bankers in the UK are looking towards the leniency in regulations and tax cuts due to Brexit. How...

London’s Mayor Assures of the Strong Regulations Despite Brexit Explore More

News

Australian Federal Police Issues Warning on Valentine’s Day Financial Scams

Australian authorities have warned the public of new Valentine’s Day scams aimed at singles...

Australian Federal Police Issues Warning on Valentine’s Day Financial Scams Explore More

News

Phishing attacks hidden in Google Cloud Services

Cybercriminals are concealing phishing efforts behind legitimate resources like google cloud serv...

Phishing attacks hidden in Google Cloud Services Explore More

News

Scammers Set to Defraud this Holiday Season, FBI Warns!

This holiday season, New Mexican shoppers are at risk of facing scammers. Criminals are all set t...

Scammers Set to Defraud this Holiday Season, FBI Warns! Explore More

News

Bank of Ghana to Introduce Digital Currency in ‘Near Future’

The Governor of the West African nation’s central bank, Ernest Addison, announced the news of Gha...

Bank of Ghana to Introduce Digital Currency in ‘Near Future’ Explore More

News

FATF Publishes 35 New Indicators Against Trade-based Money Laundering

Financial Action Task Force (FATF) and Egmont group has published a new report on risk-indicators...

FATF Publishes 35 New Indicators Against Trade-based Money Laundering Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started