Request for compliance with the Foreign Exchange and Foreign Trade Act
In order to comply with economic sanctions laws and regulations under Japan's Foreign Exchange and Foreign Trade Act ("FEFTA"), Mizuho Bank has a duty to verify that all our customers' fund transfers do not fall under the category of transactions restricted by Article 17 of FEFTA.
Please note that we may decline your remittance request if the transaction violates (or may violate) the regulations of FEFTA.
We appreciate your understanding and cooperation in this matter.
Declaration of the purpose of remittance and confirmation of compliance with FEFTA
(1) Please declare the purpose of remittance, as well as name of the commodity, country of origin, port of loading, and final destination (in the case of import settlement or intermediary trade).
(2) Please kindly confirm that your transaction does not fall under the regulations relating to North Korea, Iran, Russia, or Belarus as listed below ("The Regulations subject to FEFTA").
(3) We may ask you to provide us with documents to verify the details of your transaction.
The Regulations subject to FEFTA (excerpt)
Transactions restricted by FEFTA are as follows:
| 1.Transactions with sanctioned individuals/entities designated by FEFTA |
|---|
| The above include: (1) Transactions conducted directly or indirectly on behalf of a sanctioned party under a different name (2) Transactions with parties substantially controlled by the sanctioned targets (including payments to entities in which certain sanctioned persons in Russia or Belarus directly own more than 50% of the total number of shares/total equity capital) |
| 2.Payments to persons in North Korea |
| The above include payments to the following: (1) A natural person with domicile or residence in North Korea (2) A corporation or other entity with a principal office in North Korea (3) Branches and other offices of the entity in (2) that are located outside North Korea (4) Corporations and other entities effectively controlled by the parties in (1) or (2) above (including their branches and other offices) |
| 3.Transactions subject to payment restrictions for trade with North Korea |
| (1) Imports or intermediary trade where North Korea is the country of origin or the port of loading is in North Korea (2) Intermediary trade destined for North Korea |
| 4.Transactions for the purpose of contributing to the nuclear-related activities of North Korea |
| 5.Transactions for the purpose of contributing to the nuclear-related activities of Iran |
| 6.Transactions concerning Russia and Belarus |
| (1) Transactions with sanctioned individuals/entities, including payments to entities in which certain sanctioned persons in Russia or Belarus directly own more than 50% of the total number of shares/total equity capital (2) The following transactions providing technology: A) To Russian or Belarusian or other countries' entities subject to export prohibition measures B) To persons resident in Russia or Belarus, which relate to products subject to the International Export Control Regime or general-purpose products that are considered to contribute to the enhancement of areas like military capabilities. C) Technology for advanced products including quantum computers and 3D printers to Russia (3) Transactions like payments pertaining to issuance and distribution of new securities (including the related provision of labor or assistance) in Japan (for acquisition and transfer by Japanese residents) by the Government of the Russian Federation and other countries subject to sanctions (4) Transactions like payments for issuance and offering of securities (including the related provision of labor or assistance) in Japan by certain Russian banks (5) New investment in Russia. This regards: (A) Transactions that qualify as foreign direct investment where (a) this relates to business in Russia or (b) a business operator is related to Russia (B) Foreign remittances by a partnership or other organization jointly established by the sender (a resident in Japan) and other parties for business activities in a foreign country, if (a) the remittance relates to business in Russia, or (b) the partnership or other organization jointly established by the parties relates to Russia (6) Offsetting of loan contract against payment for import or transfer of mining concessions, etc. (7) Provision of trust services, accounting/auditing services, management consulting services, construction services, or engineering services to a party in Russia (8) Transactions based on a trust agreement (only those entrusted with a resident of Japan) (9) Remittance of loans or guarantees of indebtedness from a resident in Japan to non-residents, and issuance of letters of credit in connection with the purchase or transportation of Russian crude oil or Russian petroleum products exceeding the cap price |
| 7.Foreign remittances for five designated industries |
| Payments for business activities carried out in a foreign country by an organization like a partnership engaged in the fishing industry, the manufacture of leather or leather products, the manufacture of weapons, the manufacture of equipment related to the manufacture of weapons, or the manufacture of narcotics and other harmful substances |
The latest regulations under FEFTA
Due to Russia’s military aggression against Ukraine, various new restrictions based on FEFTA have been imposed. Please check the latest regulations on the Ministry of Finance of Japan’s website before making your declaration.
Ministry of Finance website
The latest information on Russian and Belarusian Regulations (Japanese language only)
The list of Economic Sanctions and Designated parties (Japanese language only)
If you have any inquiries please feel free to contact us.
（As of March 22, 2024）