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Fraud, Asset Tracing and Recovery in Japan

Important legal framework and static underpinnings to fraud, asset tracing and recovery schemes Japanese civil law permits the filing of an action for damages caused by fraud or tort, and provides a mechanism to enforce compulsory execution against the property of the wrongdoer based on a successful… Read More

Melco under regulatory scrutiny on three continents over money laundering, bribery concerns

European regulators have identified vulnerabilities in the anti-money laundering and terrorism financing measures at Melco Resorts’ casino in Cyprus, an inquiry into Crown has heard. The Council of Europe’s anti-money laundering body, Moneyval, said in December 2019 that it had discovered “weaknesses” in compliance at the single casino on the… Read More

Foreign Bribery Scandal Muddies Japan’s Casino Legalization Gamble

In December 2016, the Japanese Diet passed the integrated resorts promotion law, the first in a two-step legislative process to legalize casinos in Japan. Japan passed the promotion law shortly after the ruling Liberal Democratic Party (LDP) – the party of Prime Minister Shinzo Abe — won enough seats in… Read More

3rd January 2020

Five other lawmakers may be involved in Japan’s casino-bribery scandal

An adviser to a Chinese gambling operator under investigation for allegedly bribing Japanese lawmaker Tsukasa Akimoto over a casino resort project has told investigators that the company also gave cash to another five lawmakers, a source familiar with the matter said Thursday. Katsunori Nakazato, the adviser to 500.com Ltd., said… Read More

2nd January 2020

Ghosn’s Escape From Japan Followed Months of Planning

Carlos Ghosn’s escape to Lebanon from Japan followed months of planning by associates aimed at getting the former head of the Renault-Nissan alliance to a country they believed would provide a more friendly legal environment to try the claims of financial wrongdoing against him, according to people familiar with… Read More

30th December 2019

Danske Sued by International Investors Over Money Laundering

A group of international investors managing trillions of dollars in assets has filed what it says is the first in a series of lawsuits against Danske Bank in connection with the money laundering scandal engulfing Denmark’s largest lender. The writ, which was filed on Friday in the District Court… Read More

30th December 2019

Asia-Pacific Wealth Migration Trends Heighten Financial Crime Risk

Ongoing political demonstrations in Hong Kong are impacting APAC financial markets by accelerating wealth migration trends and increasing financial crime risk. As the risk profile in the region evolves, regulators increasingly expect financial institutions to leverage technology to meet compliance demands. This unexpected upheaval and changing regulatory landscape should serve… Read More

25th December 2019

Japan Lawmaker Arrested in Casino Bribery Scandal, NHK Says

Tokyo prosecutors arrested a ruling party lawmaker on suspicion of receiving cash from a Chinese company seeking to invest in the casino industry, dealing a blow to unpopular plans to open the country to the gaming industry. Liberal Democratic Party politician Tsukasa Akimoto, who had served as a vice minister… Read More

25th December 2019

North Korean Workers Abroad Under Scrutiny by U.S., Allies at UN

The U.S. and its allies called on United Nations members to reveal whether they’re complying with UN-imposed sanctions requiring the repatriation of North Korean workers, part of an effort to squeeze Pyongyang of much-needed foreign currency inflows. As part of a series of resolutions passed in 2017, UN member states… Read More

10th December 2019

Money Laundering Battle Drives Japan Banks to JPMorgan’s Payments Network

JPMorgan Chase & Co.’s blockchain-based payments network is drawing the greatest interest in Japan, a country long blamed for weak measures against money laundering. More than 80 Japanese banks have expressed a willingness to join the Interbank Information Network, said Daizaburo Sanai, an executive director at the U.S. firm. Read More

31st October 2019

Daiwa loses UK duty of care appeal, faces $150 million bill

Daiwa Capital Markets Europe lost a court appeal on Wednesday that leaves the Japanese bank facing a $150 million damages bill and reinforces the expected duty of care between a bank and a corporate customer. The court was ruling on a dispute between Singularis Holdings, now in liquidation, and London-based… Read More

16th October 2019

The hunt for Asia’s El Chapo

He is Asia’s most-wanted man. He is protected by a guard of Thai kickboxers. He flies by private jet. And, police say, he once lost $66 million in a single night at a Macau casino. Tse Chi Lop, a Canadian national born in China, is suspected… Read More

15th October 2019

Hidden Gold, ‘Murky’ Payoffs Threaten Japan Nuclear Revival

A payoff scandal has struck Japan’s nuclear world, threatening to delay the restart of idled reactors in what’s becoming the industry’s biggest crisis since the Fukushima meltdowns of 2011. The issue, which emerged at the end of last month, centers around how an influential municipal official in a town… Read More

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