Japan to Crack Down on Money Laundering

(WJS) The $250 million fine levied against Japan’s biggest banking group by New York’s financial regulator comes at a time when the nation is trying to improve its lackluster track record over cracking down on money laundering and related crimes.

The Bank of Tokyo-Mitsubishi UFJ agreed on Thursday to pay the fine for its involvement in transactions between 2002 and 2007 involving countries subject to U.S. sanctions, including Iran and Sudan. A bank spokesman said its highest priority is complying fully with regulations, and that it will continue working “constructively” with regulators “in our key markets around the world.”

The fine is the latest reminder of how Japan, despite its reputation as being a highly ethical place to do business, has been lagging other countries in cracking down on improprieties and illegal financial transactions…read full article

Tagged with: ,
Posted in Economic Crime Cybersecurity News

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>