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Finance

Money-laundering watchdog gives Japan a failing grade

Tokyo's fragmented bureaucracy hindered effective response to 2008 review

Japanese 10,000 yen bank notes. The nation's measures to combat money laundering have been called insufficient by an international watchdog.   © Reuters

TOKYO -- Japan's measures to combat money laundering faces a failing grade from an international watchdog, Nikkei learned Friday, giving Tokyo yet another reason to knock down the walls of the country's compartmentalized bureaucracy.

In its plenary meeting late last month, the Financial Action Task Force decided to place Japan under enhanced follow-up, a classification for countries that have "significant deficiencies" or are making "insufficient progress," a source familiar with the situation said. The evaluation, set for release in August, follows a review in late 2019.

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