Japan Cabinet approves proposal to freeze terrorist assets

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Japanese Prime Minister Shinzo Abe’s cabinet approved proposed legislation to freeze terrorist assets amid criticism that the nation lacks measures to halt money laundering and terrorism financing. The cabinet also endorsed a proposal to amend a law aimed at stopping criminals from transferring proceeds from their activities. In June, the Financial Action Task Force urged Japan to address deficiencies in its efforts to counter money laundering and funding of terrorists. By not addressing the shortcomings, Japan risks becoming the first developed nation to join the global organization’s list of high-risk jurisdictions that includes North Korea and Syria.

Read the story by Monami Yui and Takako Taniguchi in Bloomberg.

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