Japan’s lawmakers, Anti-Money Laundering from June 1 ( AML) systems will be implemented.
Japan’s lawmakers made a remarkable statement about the crypto ecosystem. from 1 June to crypto announced that it has decided to implement stricter measures to monitor transactions. According to a report published in the local media on the same day, on May 23, the Japanese parliament will impose a stricter approach from next month. AML decided to implement the procedures. 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
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📑: 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 must 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 stated 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.
