Japan Govt OKs Bill against Money Laundering

Politics Economy

Tokyo, Oct. 14 (Jiji Press)--The Japanese government Friday adopted a bill aimed at enhancing measures to prevent money laundering and cut off terrorist financing.

The introduction of tighter regulations on crypto assets, which are highly anonymous and often used illegally, and tougher penalties against money laundering are the main items of the bill.

The bill for revising six laws, including the law to prevent transfer of criminal proceeds and the foreign exchange and trade law, was adopted at a cabinet meeting.

Last year, the Financial Action Task Force, a global financial watchdog, urged Japan to improve its measures against money laundering and terrorist financing.

Under the revised legislation, crypto asset exchange service providers will be obliged to share information on users on both sides of transactions. The providers will also be required to make sure that they have the newest list of individuals and groups subject to sanctions.

[Copyright The Jiji Press, Ltd.]

Jiji Press