Crypto Money Laundering Cases in Japan Dramatically Shoots Up 10-Fold
Yashu Gola's original article for www.ccn.com reduced by 58%
The central enforcement body said Feb 28 that 7,096 out of the total 417,465 suspected money laundering cases mentioned the use of cryptocurrencies in 2018. In the period between April and December 2017, the agency had reported 669 of such cases, after it became compulsory for crypto services to report suspicious dirty money transactions under an amended 'Law for Prevention of Transfer of Criminal Proceeds. NPA acknowledged that the number of confirmed money laundering cases in 2018 had touched a high of 511.
Banks, payment firms, and credit card service providers reported more suspicious money laundering transactions than cryptocurrency exchanges in 2018. On the whole, NPA handed 8,259 cases to higher authorities and kept 1,124 cases that involved fraud with itself. Per the agency, their new workforce will detect patterns that relate cryptocurrencies with drugs and money laundering crimes.
On the regulatory front, Japan's financial regulator, the Financial Services Agency, has mounted its surveillance on local cryptocurrency exchanges to prevent crimes related to money laundering and terrorist financing.
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CN [too long; didn’t read]
Summarised crypto news.