The Government of Japan plans to make it obligatory to new casinos to report on customers who exchanged chips and cash estimated to at least ¥1 million. The new requirement is set to be rolled out as part of the anti-money laundering measures unveiled by the Japanese authorities.
According to Government sources, the Japanese officials are seeking to put an end to the wide-spread concerns that casino gambling may be used for the purpose of money laundering and financing of terrorist organisations, amid plans to include such facilities in so-called integrated resorts. As previously provided by Casino Guardian, integrated resorts are planned as large complexes, comprised of hotels, conference rooms, various event facilities, and a casino, which are aimed at attracting more overseas tourists to Japan.
The Japanese Government has been making plans to unveil the afore-mentioned new rules and regulations as part of the legislation and regulatory framework under which casino gambling is allowed in the country and which is expected to be officially rolled out over the ongoing Diet Session.
Under new anti-money laundering measures, casino companies which operate on the territory of the country will be required to record the name, birth date and address of their customers who bought or cashed in chips estimated to at least ¥1 million. Information about the date and time when the money transactions took place, is also to be recorded. The data will be required to be reported to a special casino management committee that is planned to be created by the Japanese Government.
Japanese Casino Market Finally Opens
Until recently, Japan was considered one of the biggest untapped casino markets on a global scale. Gambling legislation has not been on the table for years, due to political reasons, but the last few years saw some major changes being made.
The push for casino legalization in Japan has been made mainly as part of the local authorities efforts to boost the development of the region and to attract more foreign tourists to the country.
The beginning of the month did not see a consensus reached by the ruling party on the number of casinos that are to be established. At the time, the Liberal Democratic Party (LDP) was aimed at hearing different proposals and to finally make some decisions in regards to the Integrated Resorts-related piece of legislation. Unfortunately, the Government officials were unable to reach an agreement on some aspects of the bill, including the maximum number of casinos that would be hosted in the region.
With the beginning of the 2018 regular Diet session in January, a number of major issues related to casinos and integrated casino resorts, respectively, are expected to be discussed and finally see some decisions made. As mentioned above, the Japanese casino gambling market has been officially opened only recently, with the Parliament passing the Integrated Resorts Promotion Law in December 2016.
- Author
Daniel Williams
