The SIC, Lebanon's Financial Intelligence Unit (FIU), receives, analyzes, investigates suspicious transaction reports (STRs) and ensures compliance of banks, financial institutions and other reporting entities with the AML/CFT regulations.
financial regulator has stepped up scrutiny of banks on their measures against
money laundering and terror funding, ahead of checks by a global body for
fighting illicit finance, several people with knowledge of the matter told
Financial Services Agency (FSA) sees as patchy Japanese banksí measures for
fighting criminal abuse of the financial system and is increasingly concerned
that without an appropriate response international trust in the system could be
shaken, they said.
is surveying the banks and will pull together results this summer, and then
seek an industry-wide bolstering of standards before the Financial Action Task
Force (FATF) evaluates Japanís overall performance in 2019.
regulatorís move comes as FATF, which sets standards on combating money
laundering and terror funding, looks to identify and disrupt the funding of
terrorist groups such as Islamic State - a top priority for the Paris-based
evaluation of Japan - part of its periodic assessment of its 37 members - FATF
will look at the effectiveness of its laws on money laundering and terrorist
funding, and judge whether an institutional framework for supporting efforts
finding other countries lacking, with only two of the 11 countries already
evaluated having passed.
FSA, which began its survey in March and has started collecting responses, aims
to gauge banksí awareness of money laundering and financing of terrorist
groups. It will zero in on how banks have responded to legal changes designed
to combat money laundering and financing of terrorism, the sources said.
was established in 1989 to combat money laundering. Its mandate later grew to
developing efforts against the financing of terrorism, which now form its top
has been at the centre of Prime Minister Shinzo Abeís push to buttress global
faith in Japanís economy. It has looked previously to raise regulatory standards
in areas from corporate disclosure to audit quality.