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Title: Cryptocurrency Makes Up Only 0.17% of All Money Laundering Cases in Japan Post by: alyssa85 on February 24, 2018, 01:20:49 PM http://bitcoinist.com/cryptocurrency-japanese-money-laundering/
Quote According to reports, the National Police Agency in Japan suspects 669 cases of cryptocurrency-utilized money laundering between the months of April and December. The reports come directly from the cryptocurrency exchange operators themselves, which are obligated under Japanese regulatory measures to report suspicious transactions which may signal money laundering. The measure has been established to prevent criminal transactions — one of the biggest fears associated with digital currencies. It is important to note, however, that the overall number of suspected money-laundering cases in Japan in 2017 currently stands at 400,043 — which means cryptocurrency cases reported during those 9 months only accounts for less than 0.17 percent of all suspected money-laundering cases. The incredibly small percentage of crypto-utilized money-laundering cases seems to undermine the argument that digital currencies are tools for criminals looking to wash their money, though it could admittedly suggest many criminal cryptocurrency transactions go unnoticed. What triggers a report from Japanese exchange operators is not currently known, though — according to Reuters — “questionable transactions repeated frequently in a short span of time” are likely what raises red flags. |