In remarks after a Cabinet meeting, Japan’s Minister of Finance said the Japan Financial Services Agency has prepared draft amendments to the enforcement regulations under the Act on the Prevention of Transfer of Criminal Proceeds and opened a public comment process to provide a clearer legal basis for deposit-taking financial institutions to share information on suspected fraudulent accounts and promptly freeze them. The measures target rising losses from “special fraud”, where illegally traded deposit accounts used as remittance destinations are being abused. The government will also subsidise the cost of building an information-sharing system being developed by the Japan Banking Association, a wholly owned subsidiary of the Japan Bankers Association, alongside continued joint efforts with the National Police Agency and industry bodies to deter account trading. Separately, the Minister indicated that an urgent meeting would be held on financial facilitation and business support in light of the Middle East situation, including expanded special consultation desks at the Japan Finance Corporation, expanded use of safety net loans scheduled from 1 April, and a dedicated consultation line scheduled to be established at the FSA, supported by a planned joint urgent request by relevant ministers.

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