Bill would increase number of targets for financial regulation
A special team within Japan’s majority Liberal Democratic Party (LDP) is working on targeting North Korea’s economy by putting further economic sanctions into law. According to a report by the Yomiuri Shimbun on Aug. 8, Tokyo has pushed ahead legislation of the law since North Korea test-launched a salvo of missiles on July 5, local time.
It would be the fourth anti-Pyongyang law to be enacted by Tokyo. According to the bill, the Japanese government can designate financial institutions allegedly involved in North Korea’s money laundering operations, and can prohibit those institutions from trading with Japanese banks. Designated companies will be required to report their transactions, and the Japanese Financial Service Authority (FSA) will have the right to investigate and punish suspected institutions, including banks.
In addition, a special clause means the bill can be made law prior to parliamentary approval.
The bill stipulates that it will mete out punishment to "the North Korean authorities and other foreign governments that are considered to be causing problems in connection with maintaining [Japan’s] peace and security."
The LDP is going to submit the bill during a special session of Parliament this fall. Rep. Ichita Yamamoto, leader of the team, said the law is aimed at a more thorough tally of institutions the government considers "targets of economic sanctions."
