Japan’s Anti-money Laundering Law in force

It has already been discussed previously that the new anti-money laundering regulation was to come into force in Japan from March 1, 2008.

So, the law aimed at preventing diversion of criminal proceeds has already come into full force. It should be indicated that last year the law anti-money laundering law covered mainly financial institutions, however, now regards also real estate agents, precious metal dealers, jewelers, licensed tax accountants, administrative notaries, judicial notaries and certified public accountants.

The above-mentioned was prompted by 2003 recommendations made by the Financial Action Task Force (FATF), and it will definitely affect economic activities of people and companies. Administrative authorities should act cautiously when implementing the law.

In accordance with the new regulations, financial institutions, real estate agents, precious metal dealers and jewelers are now obliged to confirm customers’ identities, keep transaction records and file reports on suspicious cases.

Leave a Reply

You must be logged in to post a comment.