Japan moves to step up bank client checks

JAPAN - Japanese financial authorities are set to propose legislation that will force banks to strengthen background checks on customers in the wake of the 11 September terrorist attacks on the US.

The proposal to institute "know your customer" rules is part of a wider plan to crack down on money laundering in the world's second largest economy. It follows a call by President George W. Bush of the US and a United Nations Security Council resolution ordering countries to freeze assets and bank