Statement by Yasuchika Hasegawa, Chairman of Keizai Doyukai
Legislation and System for Anti-Money Laundering and
Terrorist Assets Freezing to be Quickly Established
October 8, 2014
Chairman, Keizai Doyukai
We must take it seriously that an inter-governmental body Financial Action Taskforce (FATF) urged Japan in its June report this year to immediately remedy the deficiencies in the nation’s measures against money laundering and terrorist financing.
It is vital for our country to continue fighting against terrorism in concert with the international community, securing the highly reliable financial transaction infrastructure that is indispensable for free economic activities. In this perspective, the proposed amendment to "Act on Prevention of Transfer of Criminal Proceeds" and the draft new legislation of "Act on Freezing of International Terrorist Assets" must go through the extraordinary Diet session for early enactment.
On the other hand, we expect financial institutions in Japan to contribute to the economy’s revitalization by swiftly responding to the requirements such as appropriate customer control measures, while continuing to provide financial services inside and outside the country without substantially damaging the customers’ convenience.