IMF warns Japanese government over AML
In its report, released in late June, the GAO says financial regulators face challenges including access to criminal history data, regulatory enforcement actions, and consumer complaints. TOKYO – The Japanese government was reprimanded strongly in a new International Monetary Fund (IMF)/World Bank overview of the nation's anti-money laundering (AML) infrastructure.
The IMF, which now evaluates nations for their observance of the Financial Action Task Force (FATF) recommendations for anti-money laundering and combating the financing of terrorism, tried to soften the blow by opening its remarks with some general praise of Japan's efforts. "Japan has made good progress in bringing its regime for anti-money laundering and combating the financing of terrorism," the report said.
However, IMF investigators noted that the overall level of money laundering
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