Japan Tightens AML Rules to Check Crypto Crime
Following consultations with the G7 governments, Japan intends to implement stricter anti-money laundering rules to combat crypto crime.
Despite Japan’s reputation for strict crypto regulations, criminality is on the rise. However, the government is stepping up its efforts to combat strong AML legislation.
Japan’s Cabinet intends to implement travel regulations beginning June 1 in order to combat money laundering and other illicit activity. The rule requires exchanges to pass on consumer information to the other party during crypto transactions.
The move happened after the Financial Action Task Force (FATF) stated that Japan’s anti-money laundering (AML) legislation were insufficient. FATF is a global monitor on money laundering and terrorism financing.
(With inputs from Shikha Singh)
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