COMPLIANCE ALERT: Japan Amends the Foreign Exchange and Foreign Trade Act - Strengthens Penalties fo
On October 1, amendments to Japan's Foreign Exchange and Foreign Trade Act went into effect. The amendments served to (among other things) strengthen penalties for import/export control violations in Japan. Criminal fines were tripled from JPY 10 million (~US$90,000) to JPY 30 million (~US$270,000). The revised act also institutes a penalty for corporations that violate Japan's export control laws of up to JPY 1 billion (~US$ 9 million). Similarly, the revised act strengthens administrative penalties and several previously administrative offenses are now criminal in nature. The act also enables METI to institute a three year export/import prohibition for certain violations and affords METI new authorities when it comes to on-site inspections or investigations.
For more information, please see: http://www.meti.go.jp/english/press/2017/0714_003.html or http://www.japaneselawtranslation.go.jp/law/detail/?id=2076&vm=04&re=01
