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Crypto Money Laundering Activities Allegedly Increased by 10X in 2018, as per Japan Police Report

As per the Japanese police report, there were around seven thousand cases related to money laundering in connection with digital assets and cryptocurrencies. Interestingly, this is a tenfold rise in comparison to the six hundred and sixty-nine cases that had been within a 9-month period in 2017. The news was reportedly published by a local Japanese media, The Japan Times.

It is to be noted that around seven thousand cases related to money laundering have been detected in connection with digital assets and cryptocurrencies reported in 2018. It is to be noted that Japan requires all cryptocurrency and digital asset exchanges to be registered with the Financial Services Agency (FSA).

Notably, the alleged increase in the reported cases came after the government directed that all cryptocurrency and digital asset exchange firms forward all data connected to suspected transactions. Interestingly, the direction took effect in April 2017. It saw at least 7,096 cases reported last year; representing a 960 percent increase in just 9 months.

It has also been noted that some of the seven thousand suspected cases were linked to transactions that had been a red flag because of the issue of birth dates and manes not matching while they had an identity photo. Several other cases involved accounts logins and sign-ins from accounts registered in the country but being run from some other countries.

It is to be noted that Japan requires all cryptocurrency and digital asset exchanges to be registered with the Financial Services Agency (FSA) and acquire an operating license from the same body. This regulation has been made mandatory since April 2017. Over the last year, the Japanese authority has tightened its regulations. It has even allowed a self-regulatory body to have supervision on all crypto exchange companies.

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