Saturday, August 13, 2022

Japan wants a total ban on junkets


The Japanese government reportedly made a firm decision on Wednesday that there would be a “total ban” on junkets associated with the establishment of IRs.

This decision is expected to be codified in the IR Implementation Bill to be unveiled in the autumn.

The main reason for the decision is said to lie with concerns that junkets are vulnerable to penetration by organized crime groups and specifically money laundering schemes.

The Japanese media quoted an unidentified government official as commenting, “Casino operators with genuine ability should have their own capabilities to manage their customers and so intermediary businesses are not needed.”

Experts’ Committee lawyer Masayuki Watanabe of the Miyake & Partners law firm had earlier presented to the government research by the Financial Action Task Force which demonstrated potential vulnerabilities in the various junket systems, and this appears to have exercised a significant influence over the government’s decision.

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