Act on Prevention of Transfer of Criminal Proceeds

    Japan

    Act on Prevention of Transfer of Criminal Proceeds

    The Japanese Act on Prevention of Transfer of Criminal Proceeds (Act No. 22 of 2007) (‘the Act’) establishes requirements for the prevention of the transfer of criminal proceeds, as well as ensures the appropriate enforcement of international treaties concerning the prevention of terrorist financing. 

    Last Updated: July 30, 2019


  • Requirements

    The Act outlines the following requirements for specified business operators conducting a specified transaction:  

    • verify customer identification;  
    • preserve customer identification records for seven years from the day on which the contract pertaining to a specified transaction is terminated;  
    • immediately prepare, where necessary, transaction records and records necessary for searching customer identification records; and 
    • promptly report to a competent administrative agency (if specified by a Cabinet Order) when property is accepted through specified business affairs and is suspected to have been from criminal proceeds or a customer is suspected to be involved in acts constituting a crime under Article 6 of the Anti-Drug Special Provisions of Organized Crime and not divulge that it intends to make such a report to the customer accused.  

    ‘Specified Business Operator’ is defined under Article 1(2) of the Act. 

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