Troubling Report Shows an Increase in Money Laundering Cases Involving Crypto in Japan
Jimmy Aki's original article for blockonomi.com reduced by 45%
The number of money laundering cases linked to cryptocurrencies in Japan surged last year, up ten-fold from 2017. According to a report from local news media The Japan Times, the National Police Agency got over 7,000 cases of suspected crypto-related money laundering incidents in 2018. What's even more startling is that the increase in money laundering activities occurred about the same time new crypto rules created to combat money laundering came into effect.
The total suspected money laundering cases were up 2,296 percent, with 417,465 cases reported to the police, up from 17,422 in 2017. The agency wants to counter the threat posed by money laundering by ramping up its workforce to train experts who can detect patterns related to suspected money laundering transactions. The Task Force will be looking at the effectiveness of current rules that require licensed crypto exchanges to follow know-your-customer laws to report suspicious transactions and combat money laundering.
Japan is not the only country that is suffering from money laundering cases.
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