28th October 2018
JAPANESE REGIONAL BANKS NOW TARGETED TO LAUNDER ‘DIRTY’ MONEY OVERSEAS
The Asahi Shimbun on 28th October reported that criminal enterprises in Japan appear to be increasingly relying on regional financial institutions for money laundering because oversight on overseas money transfers is less stringent than at the nation’s megabanks. Favoured institutions for money laundering are regional banks and shinkin banks – credit unions. In September, the Financial Services Agency (FSA) began on-site inspections at more than 10 regional financial institutions deemed to have insufficient measures in place to prevent money laundering; it is almost unheard of for the agency to target so many banks at one time in a money laundering crackdown. With their lack of expertise, systems and other factors in transferring large sums overseas, regional financial institutions often ask megabanks to do so on their behalf; but these are said to be less strict in scrutinising overseas remittance requests sought by regional financial institutions that are in the same line of business as theirs.
PAKISTAN: ‘PENNILESS BILLIONAIRES’ EXPOSE MONEY LAUNDERING FRENZY
The Mail & Guardian carries a story from Pakistan on 28th October on how bank accounts in poor residents’ names are flooded with cash, then suddenly emptied in a laundering scheme that has likely seen hundreds of millions of dollars moved out of the country.