272,326 deals as possible moneylaundering in 2009:Japan bank

Japanese commercial banks reported a record 272,326 transactions to the police in 2009 as possible moneylaundering cases, up 15.8 per cent from the previous year, an annual National Police Agency survey showed today.

Of the total, the police took action against 337 reports, also a record high, up 92.6 per cent, the NPA said.

The increased bank reports reflected a growing sense of compliance with the law among Japanese financial institutions, the NPA said.

Also behind the trend was the March 2008 enforcement of a law to require nonbank financial institutions such as credit card firms to report dubious transactions to the police, the NPA said.