Address by Minister for Foreign Affairs Masahiko Koumura at the Opening of the Plenary Meeting of the Financial Action Task Force on Money Laundering at Tokyo Mita House on June 30, 1999

Ladies and gentlemen,

I am sincerely privileged to have been given this opportunity to extend a warm welcome to all of you on behalf of the Japanese government on this occasion of opening the plenary meeting of the Financial Action Task Force. Japan is truly honored to have been holding the presidency of the FATF since July of last year. I would like to express our gratitude to all of you for your precious cooperation extended to Mr. Jun YOKOTA, President of the FATF.

Ten years have passed since the FATF was founded as an international framework for the fight against money laundering against the background of an increasing sense of threat of the narcotics problem and a growing international awareness of the need to prevent financial institutions from being abused for the laundering of profits acquired through criminal acts. The FATF has since been energetically engaged in policy formulation and advice relating to international fight against money laundering, such as the revision of its "40 Recommendations" in 1996. Japan places importance on the FATF's activities, because trans-national money laundering, which could be called a negative product of globalization, is a matter of great concern affecting our 'economic security'.

Furthermore, we attach particular importance to buttressing the fight against money laundering in the Asia-Pacific region. Japan promotes the activities of the Asia-Pacific Group on Money Laundering, which was established two years ago, through, for example, hosting its first annual general meeting in March 1998 and its Typologies Workshop in March this year.

Let me at this point refer to Japan's domestic efforts. While Japan has been stepping up its actions in the fight against money laundering, based on the "40 Recommendations" of the FATF. It works further for the adoption of the bill to promote measures against organized crimes, which will, among other things, expand the scope of the predicate offense of the crime of money laundering, grant the function of the financial intelligence unit to the Financial Supervisory Agency and provide for measures to intercept electronic communications in criminal investigation. The bill has recently been approved by the House of Representatives and is now being deliberated in the House of Councillors. We intend to continue our intensive efforts to fight against money laundering under the framework of international cooperation.

I understand that the agenda of this meeting includes a number of important issues such as non-cooperative countries and territories in the fight against money laundering and the expansion of the FATF membership. I sincerely hope that the discussions of this plenary meeting in Tokyo will prove beneficial for the future activities of the FATF.

Thank you for your kind attention.