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Japan to strengthen money-laundering guidelines

Banks adopting a risk-based approach to flag suspicious actions

TOKYO -- Japan will issue new guidelines against money laundering in an effort to prevent funds from getting into the hands of terrorist and criminal organizations and to shake its reputation as weak on dirty money.

The Financial Services Agency is expected to announce the rules soon and implement them as early as January. Currently, Japan's law preventing the transfer of criminal proceeds only says that suspicious transactions should be reported to authorities after the fact. Risk-based approaches are recommended but not required.

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