Featured Japan

Global remittance startups rush into Asia counting on deregulation

Cross-border payment startups are rushing into Asia as deregulation of the sector has enabled online services to operate in the region, in a major threat to existing banks. Among them, TransferWise, a U.K.-based online remittance company, will launch a debit card in Singapore in the next couple of months and in… Read More

French investigators focus on Dentsu partner in sports corruption probe

French authorities investigating corruption in international sports believe a Swiss partner of Japanese advertising giant Dentsu Inc played a “central and essential role” in deals used to embezzle sponsorship money and have asked Switzerland to raid its office and seize evidence, according to a person with knowledge of the probe and documents… Read More

Iran’s Zarif leaves G7 talks, unclear if progress made to ease tensions

Iran’s foreign minister made a flying visit for talks with host France at the G7 summit on Sunday, as Paris ramped up efforts to ease tensions between Tehran and Washington, a dramatic diplomatic move that the White House said had surprised them. European leaders have struggled to tamp down the… Read More
30th July 2019
Japanese police have uncovered a record number of money laundering cases, some of which involved international criminal networks using bank accounts in the country, a new report shows. Incidents of money laundering rose about 40% on the year to 511 in 2018, topping 500 for the first time in data… Read More
19th July 2019
AP — Finance chiefs from the Group of Seven rich democracies issued a stark warning on Thursday that cryptocurrencies like the Libra digital money recently unveiled by Facebook should not be allowed before “serious regulatory and systemic concerns” are addressed. France, which this year chairs the G-7 gatherings on topics… Read More
18th July 2019
Japan’s government is leading a global push to set up an international network for cryptocurrency payments, similar to the SWIFT network used by banks, in an effort to fight money laundering, a person familiar with the plan said on Thursday. Tokyo aims to have the network in place in the… Read More
18th July 2019
Group of Seven finance chiefs cast a cloud over prospects for Facebook’s Libra digital coin on Wednesday, insisting tough regulatory problems would have to be worked out first. The massive social media company’s plan to launch a digital coin has met with a chorus from regulators, central bankers and governments… Read More
17th July 2019
The Mercedes-Benz limousines seen chauffeuring around North Korean leader Kim Jong Un this year have stumped outsiders over how the sanctions-hit regime obtained the luxury rides. But researchers now believe they have unearthed the Kim regime’s smuggling secret: It takes three cargo jets, about four months and five countries. A… Read More
19th June 2019
Japan Post Bank Co. will soon limit cross-border remittances in an effort to bolster its anti-money laundering (AML) controls, according to reports by Japanese news outlets. The Toyko-based bank, which currently has no cap on overseas remittances, plans to restrict the payments to 5-million yen, or $46,000, ahead of a… Read More
14th June 2019
Two online gaming companies will pay a combined £2.8 million for anti-money laundering (AML) compliance lapses related to client bets made with ill-gotten gains, the UK Gambling Commission said. The fines against Osaka-based Platinum Gaming Ltd and London-based Gamesys Ltd follow a combined £4.5 million in monetary outlays ordered… Read More
6th June 2019
Former French Justice Minister Rachida Dati is being probed over consulting fees she has received from the Renault-Nissan strategic partnership, France’s financial prosecutor office said on Tuesday. The preliminary investigation follows a complaint by an individual Renault shareholder against Dati, Ghosn and Bauer for corruption and misuse of company funds,… Read More
30th May 2019
Japan’s financial watchdog on Tuesday ordered Nomura Holdings to improve its business practices after the country’s biggest brokerage admitted an employee had leaked market information. The Financial Services Agency said it had issued one of its “business improvement orders” against Nomura, a regulatory punishment that requires firms to submit a… Read More
24th May 2019
A federal judge on Thursday sentenced a former Las Vegas medical billing company operator who prosecutors called the ringleader of a $1.5 billion Ponzi scheme that bilked thousands of Japanese residents to 50 years in prison. Edwin Fujinaga, 72, the former chief executive of MRI International Inc, was sentenced by… Read More