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Japan fails in anti-money laundering and terror financing

Smaller banks, gold dealers and lawyers have low risk awareness, watchdog says

Gold bars are displayed by a dealer in Tokyo's Ginza district.   © Reuters

TOKYO -- Japan's safeguards against money laundering contain holes that can be exploited by criminal organizations and terrorist groups, an international watchdog warned Monday.

The Financial Action Task Force (FATF) has placed Japan in the "enhanced follow-up" classification, which essentially denotes a failing grade.

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