Category Archives: Japan

Japanese regulators lower casino chip exchange reporting requirements


Governments around the globe have taken a serious interest in trying to curtail the amount of money laundering that is supposedly plaguing the gaming industry. Canada and British Columbia have been busily enacting legislation to prevent repeats of the negative publicity surrounding questionable activity at the River Rock Casino, and the U.S., the UK and Australia have also been exploring changes in policies to help clean up the system. Japan is now joining the fight, and recently ordered changes in reporting guidelines at casinos in the country.

Japanese regulators lower casino chip exchange reporting requirementsOperators of future casinos in Japan will be obligated to report customers who exchange chips worth $9,500 (¥1 million) or more. Regulators are responding to concerns that the casinos will be havens for the exchange of “dirty money” that is used for money laundering or financing terrorism. The new casinos are slated to be opened in integrated resorts in an effort to bring in more international tourism to the island nation.

Anyone who buys or cashes chips worth $9,500 or more will have to provide their name, address and birth date to casino operators. This information will then be turned over to a casino management committee, which will be created at a later date by the government. That entity will catalog the data and investigate any instances that raise flags, such as repeated high-dollar exchanges.

Japan isn’t the first country to introduce these money-laundering countermeasures. In the U.S., Nevada regulators require that casinos follow the same guidelines, and in Singapore the amount is less, at roughly $7,600. Macau has also placed restrictions on exchanges, with Large-Amount Transaction Reports being required for exchanges by junkets of more than around $62,000. Suspicious Transaction Reports are more vague, and are required for any transaction that is thought to be associated with money laundering.

Money laundering is big business. In 2012, a report by the World Bank and the International Monetary Fund (IMF) estimated that money-laundering activities amounted to as much as $3.6 trillion per year. That report brought about changes to multiple industries, including gambling, corporate reporting and banking.

Japan is set to re-enter the gambling market with the new casinos. Almost all forms of gambling, except pachinko and horseracing, have been prohibited. However, a change of heart by the Japanese parliament has opened the doors for casinos to enter the country. If everything goes according to plan, Japan anticipates an increase in tourism that jumps by 16 million visitors by the year 2020, up from the 24 million recorded in 2016.

Comments



Source link

Anxious casino operators seek clarity as Japan opens public debate


Casino heavyweights are anxiously watching the public debate on casinos in Japan as they seek clarity in a multi-billion dollar prospect that is now muddled by evolving gambling regulations.

Anxious casino operators seek clarity as Japan opens public debateAnalysts have been warning for months that the Japanese government is nipping the casino industry’s full potential in the bud as it toys with the idea of imposing regulatory curbs.

Bloomberg reported that many operators are following the developments in the public debate on Japan’s effort to allow casinos over fears that the multi-billion dollar potential in the island nation will turn into a dud.

“Our common goal is to see the introduction of world-class integrated resorts in Japan that drive economic, tourism and employment growth,” Steven Tight, president of international development at Caesars Entertainment, told the news agency.

“The government policy makers should ensure that the legislative framework doesn’t inadvertently hinder these aims.”

During the public debate, the Japanese parliament will deliberate anything that concerns the casinos – from gaming floor space to taxes imposed on operators. Casino operators, however, are keen on knowing whether the locals will be allowed to gamble in casinos or not.

Many Japanese are cool to the idea of having casinos in their country, especially when most of the residents associate gambling with organized crime and addiction.

In a study conducted by news service Jiji last month, most of the respondents cited disruption to public order and the negative influence on youth as the top reasons why they opposed casinos in Japan.

Then there’s also the issue on where to put these integrated resorts. The clear favorite cities so far are Osaka, Yokohama and Tokyo.

“I don’t think there’s any need to establish a facility so dangerous that it needs this much regulation,” Takeo Shibata, a professor at Seigakuin University in Tokyo, said at the hearing, according to the report. “We can be a tourist destination without casinos and with a clean image that will be reassuring for visiting families.”

Comments



Source link