Japan’s lawmakers stated that starting June 1, Anti-Money Laundering (AML) systems will be implemented.
Japan’s lawmakers made a remarkable statement about the crypto ecosystem. He announced that from June 1, it has decided to implement stricter measures to monitor crypto-related transactions. On May 23, the Japanese parliament decided to introduce more stringent AML procedures from next month, according to a local media report that same day. Japan will take a much tougher approach to the recent rise in illegal crypto incidents.
“G7 countries should lead by example and regulate the crypto sector so that no safe havens exist for illicit crypto transactions”#FATF President T. Raja Kumar´s message to #G7 leaders ahead of the summit in Japan
Read article: https://t.co/l1OTdjGgLY
📑: https://t.co/GqHhVwoqY9 pic.twitter.com/uDurg1QSDu— FATF (@FATFNews) May 18, 2023
Measures Against Money Laundering Will Increase
According to the new reports published, the Travel Rule should be implemented in order to track the proceeds of crime more accurately. In addition, the Travel Rule requires any financial institution that conducts a crypto transfer of more than $3,000 to forward customer information to the receiving exchange or institution. It was also specified that the data should include the sender’s and recipient’s name and address, and account information.
Focusing on many illegal crypto movements such as money laundering, Japan continues its efforts in this direction without slowing down. Increasing security measures on the Japanese side seems to have a positive impact on other countries as well.
58573
