"Stop lending money to the yakuza"

[DrLeftover]

Tokyo
Sep 27, 2013

The Financial Services Agency on Friday ordered Mizuho Bank to stop lending money to yakuza and said it appeared to be making little progress in addressing the problem.

Mizuho, one of the country’s biggest banks, has processed about ¥200 million worth of transactions for “anti-social forces,” a wide-ranging term Japan commonly uses to refer to mobsters.

The financial watchdog scolded the nation’s third-biggest bank for taking “no substantial steps” to deal with the issue after it was revealed two years ago and pointed to “serious problems” with its compliance monitoring.

Mizuho has a month to draft a plan to address the issue, the FSA said.

http://www.japantimes.co.jp/news/2013/09/27/national/stop-lending-money-to-the-yakuza-fsa-tells-mizuho/