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Wednesday, January 27, 2010

Beware of Financial Crimes in Japan


We recently received an email from our bank in Japan, alerting us of changes to accounts to go into effect in February.

In June 2007, the Japanese government implemented its "Basic Principles to Prevent Damages from Antisocial Forces." All members of the Japan Bankers Association agreed on the "JBA Agreement for Strengthening Efforts to Eliminate Racketeering" in July of the same year.

The regulations include the following:

Refusing dealings with criminal elements, defined as:

a.Boryokudan (organized crime): Organizations that encourage its members to engage collectively or habitually in violent, unlawful, etc., acts.

b.Boryokudan-in (members of organized crime): Members of Boryokudan.

c.Boryokudan jun koseiin (quasi-members of Boryokudan): Parties who maintain relationships with, cooperate with, or engage in the maintenance or operation of Boryokudan by providing funds, weapons, etc., to Boryokudan or members of Boryokudan, but who are not themselves members.

d.Boryokudan kankei kigyou (organized crime-related companies): Companies run by members of Boryokudan, quasi-members, or former members of Boryokudan, that maintain relationship with, cooperate with, or engage in the maintenance or operation of Boryokudan by providing funds to Boryokudan or by other means, or those companies that actively use Boryokudan in doing business, etc., and cooperate in the maintenance or operation of Boryokudan.

e.Sokaiya (corporate racketeers): Sokaiya, Kaisha goro (corporate racketeers) and others who may potentially engage in violent, unlawful, etc., acts in an effort to seek illicit benefits from civil society and may threaten the safety of civil life.

f.Any other person relative to these or equivalent to any of the previous items.

2.When the customer himself or by using a third party commits any of the following acts:

a.Violent demand

b.Undue demand beyond legal responsibilities

c.Threatening behavior or using violent force regarding transactions

d.Damaging Citibank's credit or obstructing Citibank's business by spreading false rumors or by the use of fraudulent means or force

e.Any other act equivalent to any of the previous items.

Good luck...

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