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.

More news from this jurisdiction

South Korea, Greater China, JapanTuesday, Mar 20, 2018

eSports global revenue for 2017 was estimated to be US$696 million and is expected to more than double to US$1.5 billion by 2020, with the Asia Pacific heading growth, according to Newzoo, a market intelligence firm.

South Korea, Mainland China, JapanTuesday, Mar 20, 2018

Mobile games are likely to grow by more than 8 percent per year through 2020, far outstripping growth for the PC and consoles, according to Daniel Kashti, chief marketing & commercial officer of Kama Games.

JapanSunday, Mar 18, 2018

According to a local media report, the Tomakomai municipal authorities have compiled their interim report on the IR they hope to build, projecting a US$2-3 billion investment by the time the facility’s doors open.

JapanFriday, Mar 16, 2018

The IR implementation bill won’t be submitted to the legislation this month, as had been planned, throwing doubt over the timetable for the bill.

JapanWednesday, Mar 14, 2018

Six local medical and children’s organizations have presented a petition to the local government opposing any IR bid from within the prefecture.

JapanTuesday, Mar 13, 2018

A Wakayama prefectural official says they are ready to launch an RFC process with IR operators very quickly after the IR Implementation Bill is enacted by the National Diet.

JapanSunday, Mar 11, 2018

Universal Entertainment Corporation said it expects to record a significant jump in net income for the fiscal year ended Dec. 2018 as a result of the $2.4 billion settlement from Wynn Resorts.